India, Russia to address trade deficit and market access issues

  • India and Russia on 18 Apr agreed to address trade deficit and market access issues, the Indian foreign ministry said, as New Delhi seeks to narrow trade imbalance after a more than four-fold rise in imports from Russia since the war in Ukraine.
  • The two nations are discussing a free trade agreement, the Russian trade minister said in on 17 Apr, a move that marks a step-up in commercial ties between India and its dominant weapons supplier.
  • Russian Trade and Industry Minister Denis Manturov met India’s foreign and finance ministers on 18 Apr, the second day of his two day visit to the country that came a little over a week after the Ukrainian deputy foreign minister’s visit.
  • In the meeting with the Indian foreign minister, the two sides “discussed cooperation in the areas of trade, finance, industry, energy sector, including nuclear power, agriculture, transport, healthcare, education and culture,” the Russian embassy wrote on Twitter.
  • Reuters reported in Nov 22 that Russia was potentially seeking to import more than 500 products from India for key sectors including cars, aircraft and trains, given that Western sanctions have undermined its ability to keep core industries operating.

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