Export-Import Bank of India’s study titled “India-Russia Trade Relations: Recent Trends and Potential” was released at the hands of BP Kanungo, Deputy Governor, Reserve Bank of India and Ksenia Yudaeva, First Deputy Governor, Central Bank of the Russian Federation during the 24th Session of the Russian-Indian Working Group on Banking and Financial Matters, held in Tula, Russia.
Exim Bank’s study analyses the current trends in trade between Russia and India, and highlights the opportunities for further expanding trade relations between Russia and India. The study notes that bilateral trade between India and Russia has witnessed significant rise in the recent years, with total trade between the two countries increasing nearly two-folds, from US$ 5.5 billion in 2008 to US$ 10.1 billion in 2017. The study identifies potential items for exports from India in order to increase the overall bilateral trade between the two countries, while also addressing the issue of India’s trade balance and enhance India’s ranking as Russia’s import partner.
The study notes that there exists significant untapped potential for Indian exporters in products such as, machinery and mechanical appliances, electrical machinery and equipment, transport vehicles, plastic, iron and steel, among others, which present opportunities for India due to their high import demand in Russia. The study identifies and enlists potential export items under each product category at 6-digit HS commodity code level.
The study also highlights other areas for enhancing economic cooperation, with emphasis on enhancing bilateral trade, which includes FTA between India and the Eurasian Economic Union (EEU), a possibility for trading in national currencies, implementation of the International North-South Transport Corridor (INSCT) for free flow of goods and people, among others.
