India, Russia fast-tracking negotiations for new bilateral investment treaty: Piyush Goyal
Commerce and Industry Minister Piyush Goyal has said that India and Russia are fast-tracking negotiations for a new bilateral investment treaty (BIT) aimed at providing greater legal certainty to investors on both sides. He said that both sides are committed to the early conclusion of negotiations for an India-Eurasian Economic Union (EAEU) free trade agreement. The Russia-led EAEU also includes Armenia, Belarus, Kazakhstan and Kyrgyzstan. He said the pact would open new markets for industries including MSMEs.
The minister also called for an accelerated India-Russia economic and industrial partnership, urging businesses from both countries to work towards achieving the target of $100 billion in bilateral trade and $50 billion in two-way investment by 2030. At present, the bilateral trade stood at $60 billion. He said reaching the $100 billion target would require adding about $40 billion in trade over the next four years and sustained double-digit growth year-on-year. He stressed that achieving this would require significant efforts not only from the governments but equally from businesses in both countries.
Highlighting the opportunities for diversifying bilateral trade, he said that Indian exports of meat and edible meat products had more than doubled from $36 million to $97 million, an increase of nearly 170 per cent. Fish and aquatic products grew from $123 million to $159 million, an increase of nearly 30 per cent, while exports of edible vegetables rose from $38 million to $54 million, an increase of 40 per cent. Similarly, shipments of coffee, tea and spices increased by 13 per cent to $116 million, while products of the milling industry had nearly doubled. He said these figures reflected growing demand in the Russian market for products from Indian farmers, food processors, micro, small and medium enterprises and MSME exporters. However, he noted that only a small portion of the potential had been tapped so far.
