New Delhi is in talks with Moscow on easing the non-tariff barriers faced by its exporters
The Indian government is in discussions with Russia on a potential easing of non-tariff trade barriers, with the goal of boosting exports to the country, Commerce Secretary Sunil Barthwal said on Monday.
The official told reporters that New Delhi wants to make trade with Russia more balanced. Last week, the leaders of both countries set a trade target of $100 billion by 2030. In 2023 the figure was $65 billion, of which only $5 billion were Indian exports to Russia. The bulk of bilateral transactions are Indian purchases of discounted Russian oil, coal and fertilisers.
“We are looking at various sets of commodities such as electronics, engineering goods and other items, where trade can be enhanced,” the commerce secretary was quoted by Business Standard as saying. He added that India is also eyeing sectors where Russia is under Western sanctions.
Barthwal noted that India is looking for “greater market access” for its exporters, and has raised the issue of “non-tariff barriers” with Russia.
According to Barthwal, Indian exporters of marine products and pharmaceuticals “face issues” in Russia regarding certification, and New Delhi has conveyed its concerns to Moscow. He noted that another Indian delegation is likely to visit Russia soon.
During their summit in Moscow last week, Indian and Russian leaders Vladimir Putin and Narendra Modi discussed the need to expand and diversify economic cooperation. After the talks in the Kremlin, Putin’s top economic adviser Maksim Oreshkin said that “suitable payment mechanisms” featured in the discussions.
The two sides have signed nine separate agreements, including deals on promoting cross-border investments, on trade and investment in the Russian Far East through 2029, and cooperation on climate change and low-carbon development.
The countries have also revived negotiations on a Free Trade Agreement covering goods between India and the Eurasian Economic Union (EEU), comprising Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia, along with the development of the International North–South Transport Corridor (INSTC).
The possibility of talks on a bilateral free-trade deal in services and investment has also been raised.
In addition, India is working on a free trade agreement with the Eurasian Economic Union (EEU) national media has reported, which would involve Russia and several former Soviet republics.
India has abstained from United Nations (UN) resolutions condemning Russia over the Ukraine conflict and continued its bilateral engagements with Moscow despite intense scrutiny from the West. New Delhi officials have on various occasions emphasised that relations with Russia, including increased oil imports, serve India’s strategic interests.
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July 16, 2024 at 12:08AM
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India seeks greater market access in Russia
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