Moscow [Russia], December 2 (ANI): Russia aims to achieve USD 100 billion in bilateral trade with India by 2030, prioritising trade quality, product diversification and stronger industrial cooperation, Russian First Deputy Prime Minister Denis Manturov told ANI in an exclusive interview ahead of the Russian President’s visit to India. Manturov, who co-chairs the India-Russia Intergovernmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation, called the USD 100 billion target “truly ambitious,” saying it will require coordinated action by both governments, businesses and financial institutions.
“We support the business circles by creating the necessary conditions and a favourable climate for expanding Russian-Indian cooperation,” Manturov said, citing regular sessions of the Intergovernmental Commission and its working groups as key platforms for discussing investment projects. He stressed the need to improve the structure and quality of bilateral trade to reach the milestone.
Manturov pointed to successful joint initiatives — notably the local production of Vande Bharat trains in India — and said other projects are under development. He noted that negotiations for a Free Trade Agreement have begun, with the first round recently held in New Delhi, aimed at improving the regulatory framework for bilateral trade.
Despite Western sanctions on Russia, Manturov said Russia-India trade 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, attributing the growth to active and coordinated government efforts and the adaptability of businesses.
Industrial cooperation remains central to the partnership, with joint projects in mechanical engineering, metallurgy, mining, chemical industries, pharmaceuticals, IT and aircraft manufacturing. Russia is increasing exports to India of mineral fertilisers, machinery, equipment and metallurgical products, while importing agro-industrial products, chemicals, industrial raw materials, equipment and components from India.
Manturov criticised unilateral Western sanctions for disrupting international production and logistics chains but emphasised that bilateral efforts have enabled both countries to not only preserve but also expand trade. He reiterated plans to further diversify the trade basket, eliminate logistical and financial barriers, and deepen investment and technological cooperation — measures he said are essential to achieving the USD 100 billion goal set by the two leaders.
“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,” Manturov said, adding that systematic expansion of demand-driven products and removal of barriers will help reach the targeted trade volumes. (ANI)
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