Increasing exports, trade in local currency, FTA to help boost trade between India, Russia: GTRI
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The think tank Global Trade Research Initiative (GTRI) in its latest report has said that the steps such as increasing exports, making local currency trading workable and a free trade agreement with the Eurasian Economic Union will help boost trade between India and Russia.
GTRI further noted that India should not worry over the trade deficit, as it is getting crude petroleum oil at cheaper than market rates from Russia and it is also cutting India's overall oil import bill. It said that the import surge is solely due to India's strategic procurement of crude oil from Russia influenced by favourable trade terms and Russia's need to find new markets amidst Western sanctions.
India exports a diverse range of products to Russia including smartphones, shrimp, medicine, meat, tiles, coffee, parts of airplanes and helicopters, chemicals, computers, and fruits. On this, GTRI Founder Ajay Srivastava said that India has competitive advantage in these products and hence the potential to export more to Russia. India should prepare a product-level strategy to promote exports.
