India expects to widen its range of exports to Russia and increase sales of automobiles, electronics goods, textiles and machinery, Reuters reported citing India’s Trade Minister Piyush Goyal. The comments come just hours before Russian President Vladimir Putin arrives in New Delhi for a state visit.
Putin’s arrival for the 23rd India-Russia Summit comes at a time when both countries are reassessing the foundations of their partnership.
Putin’s first visit to India since 2021 will centre on a renewed push for trade, with Putin and Prime Minister Narendra Modi likely to expand cooperation across several sectors. ET has reported that both sides are preparing to sign 10 inter-governmental agreements and 15 commercial deals, showing the level of seriousness with which New Delhi and Moscow are approaching this engagement.
ET had reported earlier on December 4, citing unnamed officials, that India is keen to export more pharmaceutical products, chemicals, engineering goods, machinery, automotive, agricultural and marine goods to the Russia-led Eurasian Economic Union under the proposed trade agreement being negotiated with the bloc.
To address India’s $59 billion trade deficit with Moscow, New Delhi has flagged more than 65 non-tariff barriers affecting its marine exports to Russia and identified four categories of barriers affecting its pharma exports. These include the registration process, clinical trials, restricted market access and price registration.
