Bilateral Trade Target $30 B by 2015

How do we propose to achieve the target?

The 20th India—Russia Annual Summit was held in Vladivostok. in September 2019. To bring it to $30 billion by 2025, they agreed to more actively 

• Engage the impressive resource and human resources potential of India and Russia, 
• Enhance industrial cooperation, 
• Create new technological and investment partnership, especially in advanced high-tech areas and
• Find new avenues and forms of cooperation.
• Eliminate trade barriers
• Proposed Trading Agreement between the Eurasian Economic Union (EAEU) and the Republic of India.
• Two sides agreed to review possibility of expanding direct passenger and cargo flights including flights between various regions of both the countries.
• Acknowledged the opportunities to increase bilateral trade in the sphere of agriculture.

What do we trade currently?

In 2017-18, bilateral trade was USD 10.7 billion. It includes Russian exports to India amounting to USD 8.6 billion and Indian exports to Russia amounting USD 2.1 billion.

What are the major items traded?

Major import items in India from Russia during 2017-18 were mineral fuels, mineral oils and products of their distillation, bituminous substances; Natural or cultured pearls, precious or semiprecious stones, precious metals; Fertilizers; Nuclear reactors, boilers, machinery and mechanical appliances; Electrical machinery and equipment and parts thereof; sound recorders and reproducers, television image and sound recorders and reproducers, and parts.

Top export items from India to Russia during 2017-18 were Pharmaceutical products; boilers, machinery and mechanical appliances: parts thereof; Organic chemicals; Coffee, tea, mate and spices; Vehicles other than railway or tramway rolling stock, and parts and accessories thereof.

In 2017, in terms of trade in services between India and Russia, Russian export to India equaled to USD 663 million, Russian import of services from India was USD 432 million, whereas total trade in services was USD 1.095 billion.

Where do we stand today?

In 2018-19, the bilateral trade between the countries stood at $8.3 billion. with both governments setting a bilateral trade target of $30 billion by 2025.

Which sectors are chosen for focus?

Some of the key priority sectors identified for focused interaction include hydrocarbons, pharmaceuticals, mining, fertilizers, heavy engineering, gems & jewellery, chemicals, fertilizers and agriculture & food processing industry.