Diversification, investment cooperation key to USD 100 billion trade goal with India: Russian Deputy PM

Moscow [Russia], December 2 (ANI): Russia aims to achieve USD 100 billion in bilateral trade with India by 2030, focusing on improving trade quality, diversifying products and strengthening industrial cooperation, Russian First Deputy Prime Minister and co-chair of the India-Russia Inter-governmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation Denis Manturov said in an exclusive interview to ANI ahead of Russian President's visit to India.
Manturov described the USD 100 billion goal as "truly ambitious," noting that realising it would require coordinated efforts from governments, businesses and financial institutions in both countries.
"We support the business circles by creating the necessary conditions and a favourable climate for expanding Russian-Indian cooperation," he told ANI, citing regular meetings of the Intergovernmental Russian-Indian Commission on Trade, Economic, Scientific, Technical and Cultural Cooperation as a key platform for discussing investment projects.
"Achieving $100 billion trade aim is a truly ambitious goal. In order to reach this milestone, it is necessary to work on the quality of our bilateral trade and the structure of our trade turnover. It requires concerted efforts from governments of both states as well as businesses and financial institutions," said Manturov.
"We support the business circles by creating the necessary conditions and a favourable climate for expanding Russian-Indian cooperation through the holding of regular sessions of the Intergovernmental Russian-Indian Commission on Trade, Economic, Scientific, Technical and Cultural Cooperation and its working groups, where investment projects are discussed," he added.
Highlighting successful collaboration, Manturov pointed to the joint production of Vande Bharat trains in India, adding that other projects are under development. He also noted that negotiations for a Free Trade Agreement (FTA) have been launched, with the first round recently held in New Delhi, aimed at improving the regulatory framework for bilateral trade.
"Some of them are already being successfully implemented, for instance, the joint production of Vande Bharat trains in India, the others are being worked out. As part of improving the regulatory framework for our cooperation, the free trade agreement negotiations have been launched, the first round has recently taken place in New Delhi," said Manturov.
Despite Western sanctions targeting Russia, Manturov emphasised that bilateral trade with India has not only been maintained but reached record levels. "Over the last five years, the Russia-India trade turnover saw a sevenfold increase," he said.
Industrial cooperation forms a key element of the partnership, with joint projects in mechanical engineering, metallurgy, mining, chemical industries, pharmaceuticals, IT, and aircraft manufacturing. Russia is increasing exports of mineral fertilisers, machinery, equipment, and metallurgical products to India while importing agro-industrial goods, chemicals, industrial raw materials, equipment, and components from India.
"I would like to point out that unilateral, unlawful sanctions of the Western nations aimed at paralysing the economic development of Russia have provoked the destruction of many international production and logistics chains," Manturov said.
"However, thanks to the active and coordinated efforts of Russian and Indian governments, as well as the entrepreneurial spirit and flexibility of our business circles, our countries have managed not only to maintain the previous level of bilateral trade and economic relations, but also to achieve record levels in mutual trade", he added.
He said that the last half a decade has seen the bilateral trade turnover increased by over 7 times, with one of the key elements being bilateral collaboration. Notably, joint projects in various fields of engineering, mining, chemical and pharma are being developed in partnership with the country.
"For the last five years, the Russia-India trade turnover saw a 7-fold increase. One of the key elements of the Russian-Indian collaboration is the industrial cooperation. Joint projects are being implemented and developed in the fields of mechanical engineering, metallurgy, mining and chemical industries, pharmaceuticals, IT, aircraft manufacturing and other areas", he added.
Manturov added that both nations plan to further diversify the bilateral trade basket, remove logistical and financial barriers, and deepen investment and technological cooperation, steps he said are essential for achieving the USD 100 billion trade goal set by the two leaders.
The Russian Deputy PM said, "We are increasing the supply of mineral fertilisers, machinery and equipment, metallurgical products to India. At the same time, we are building up the imports of products of the agro-industrial complex, chemical industry, industrial raw materials, equipment and components from India."
He said there are plans to further diversify bilateral trade as much as possible, systematically expanding the trade basket to include products that are in demand in our markets.
He said that logistical and financial barriers will be eliminated, and deeper investment and technological cooperation will also take place. Resolving these issues will contribute to achieving the trade volumes outlined by our leaders. (ANI)