New Delhi: Commerce and Industry Minister Piyush Goyal on Thursday identified pharmaceuticals, engineering goods, chemicals, textiles, and food products as the main thrust areas to accelerate bilateral trade between India and Russia to meet the $100 billion target by 2030.
Addressing the India-Russia Business Dialogue here, along with Russian Industry and Trade Minister Anton Alikhanov, Goyal said the leaders of the two countries have set a target of $100 billion in bilateral trade and $50 billion in two-way investments.
The minister said there was complementarity in trade between India and Russia, with products where Russia is a major importer also being products where India is a significant exporter globally but not yet a significant exporter to Russia.
He pointed out that the $100 billion target from a $60 billion base would need a $40 billion addition in the next four years, which requires more than double-digit year-on-year growth and efforts from governments as well as businesses.
The minister said that the India-Russia relationship has “weathered seven decades of a changing world”, but the leaders of the two countries are not just seeking a continuation but acceleration of economic ties.
Goyal highlighted that the food exports from India to Russia had registered a significant rise, with meat exports more than doubling from $36 million to $97 million, an increase of nearly 170 per cent. Fish and aquatic products were up nearly 30 per cent, vegetables rose 40 per cent, while coffee, tea, and spices increased 13 per cent.
India’s farmers and MSME exporters are finding real growing demand in the Russian market, but so far only a small portion of its potential has been tapped, the minister added.
Goyal also said India and Russia would continue to strengthen local-currency settlement mechanisms, as payment friction, more often than tariffs, is what slows down trade on the ground.
Russian industry must also look at manufacturing in India and not just selling in India, and similarly, Indian industry should go to Russia as an investor and exporter, he stressed.
Goyal also asked officials on both sides to engage with industry and identify the issues blocking trade and investment, including payment systems, logistics, certificate requirements, approvals, standards and visas.
(IANS)
