Remove non-tariff barriers, trade in national currencies: EAM to Russia
Four months after Prime Minister Narendra Modi and Russian President Vladimir Putin met for the annual India-Russia Summit, increased business opportunities in trade and investment are being worked upon by the two sides.
Russian Deputy PM calls on Modi
Russia’s First Deputy PM Denis Manturov met PM Narendra Modi in New Delhi on Monday. Modi and Manturov, who is scheduled to attend a meeting of the India-Russia Inter-Governmental Commission on Tuesday, exchanged views on enhancing trade and economic ties.
Speaking during the India-Russia Business Forum in Mumbai on Monday, External Affairs Minister (EAM) S Jaishankar asked Russia to remove non-tariff barriers to allow Indian products greater access to the Russian market and suggested that doing trade in national currencies was of great importance.
Russian First Deputy Prime Minister Denis Manturov, who was also present on the occasion, said it was important to diversify trade structure.
Modi and Putin, who met at Moscow in July, had asked officials on either side to “prepare a programme for the development of promising areas of Russian-Indian economic cooperation till 2030”.
Jaishankar today said: “Mutual settlement of trade in national currencies is of great importance, especially in the current circumstances. Special rupee-vostro accounts are an effective mechanism. However, a better trade balance with national currency settlements is the answer”.
He said India-Russia bilateral trade was today at $66 billion and the goal was to take it to $100 billion by 2030. He asked Russia to relax some tariffs.
“The balance of trade, however, needs urgent redressal since it is so one-sided. It is imperative that non-tariff barriers and regulatory impediments are speedily addressed for this to happen,” he said.
Jaishankar said Russia was a key natural resources provider and a major technology leader. India would be a major player in oil, gas, coal or uranium. This applies to fertilisers as well.
Manturov referred to the US-imposed sanctions and said: “Russia-India business relations continue to strengthen and the countries demonstrate their readiness for further cooperation”.
The Russia Deputy PM outlined the priority technological areas of Russia’s development, including transport industry, unmanned technologies and alternative fuels. Moscow would also look at increasing the potential of nuclear sector, production of high-power turbines, equipment for solar and wind generation and improving LNG technologies.
Meanwhile, the Russian Embassy here said on Monday that a ‘business centre’ would be opened in the national capital tomorrow. The Inter-Governmental India-Russia Commission on Trade, Economic, Scientific, Technical and Cultural Cooperation meeting will also be held in New Delhi Tuesday.
