Russia highlights expanding trade growth with India

Deputy Prime Minister Denis Manturov emphasises the importance of trade events to sustain growth momentum

November 13, 2024

Manturov noted a 9% increase in trade between Russia and India in the first eight months of 2024

The 25th session of the India-Russia Intergovernmental Commission reviewed bilateral cooperation and sought new growth opportunities

Russia highlighted increased energy exports, mineral fertilisers, sunflower, and soybean oil to India

Indian exports to Russia include industrial equipment, pharmaceutical drugs, and specialised components

Russia’s First Deputy Prime Minister Denis Manturov highlighted substantial growth in trade with India during the 25th Session of the India-Russia Intergovernmental Commission on Trade, Economic, Scientific, Technical, and Cultural Cooperation. He emphasised the positive trajectory of trade relations, noting that India is now Russia’s second-largest economic partner, with trade turnover having risen fivefold over five years.

Manturov observed that this trade expansion continued in 2024, with a 9% increase in the first eight months. He emphasised the diversification of exports, which includes traditional energy sources, mineral fertilisers, and expanding food exports, such as sunflower and soybean oils. In return, Russia imports a wide range of products from India, including industrial equipment, pharmaceuticals, and essential components.

Manturov expressed Russia’s commitment to finalising crucial agreements, including a Free Trade Agreement with the Eurasian Economic Union (EEU) and a bilateral services and investment agreement. He further advocated for large-scale exhibitions and congresses, which he believes will promote sustained growth in trade turnover. The meeting, attended by India’s External Affairs Minister S Jaishankar, focused on advancing these initiatives and exploring new areas for collaboration.

Source: Economic Times

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