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NEW DELHI: India and Russia will seek to balance their trade, which is completely tilted against New Delhi, as they evolve a bilateral payment mechanism and Moscow reduces non-tariff barriers for pharma, meat and other products.
“We discussed a lot of issues to improve trade between India and Russia. We also discussed how to facilitate rupee-rouble trade, how non-tariff measures are impacting our trade and how they should be reduced,” commerce secretary Sunil Barthwal told reporters after a recent meeting.
India’s trade with Russia has soared since the conflict in Ukraine, driven largely by imports of cheaper crude oil and fertiliser, while exports from the country haven’t seen a similar jump.
Officials, however, said that the rupee balance with Russian exporters has come down significantly due to lower volume of rupee trade in recent months, partly due to little defence imports, and also because the money has been used to settle payments for shipments from India.
“We discussed a lot of issues to improve trade between India and Russia. We also discussed how to facilitate rupee-rouble trade, how non-tariff measures are impacting our trade and how they should be reduced,” commerce secretary Sunil Barthwal told reporters after a recent meeting.
India’s trade with Russia has soared since the conflict in Ukraine, driven largely by imports of cheaper crude oil and fertiliser, while exports from the country haven’t seen a similar jump.
Officials, however, said that the rupee balance with Russian exporters has come down significantly due to lower volume of rupee trade in recent months, partly due to little defence imports, and also because the money has been used to settle payments for shipments from India.
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