Russian Deputy Prime Minister and minister for trade and industry Denis Manturov began a two-day visit to India on Monday primarily to attend an inter-governmental meeting on trade, culture and science and technology.
A key item on the agenda of Manturov-Jaishankar meeting is to explore means to increase Indian exports to Russia. While there has been an increase in Indian exports, there are more demands across a slew of sectors, sources familiar with the India-Russia ties informed.
Russia is seeking bigger Indian investments in the far east. Manturov’s meeting is also expected to focus on payments in national currencies for bilateral trade.
Manturov is also scheduled to hold a number of bilateral meetings during his stay in Delhi.
Trade and business ties received a big boost with two mega meets at the end of March and early April and the opening of an India office by the Russian Chamber of Commerce and Industry. Bilateral trade during 2022-23 touched $40 billion and is expected to reach $50 billion in 2023-24. Russia is now among India’s top five trading partners.
Russian NSA, Rosneft chief and Russian far east development minister visited New Delhi in March amid release of the latest foreign policy concept by President Vladimir Putin. The document hailed India-Russia ties and placed them on a par with Russia’s ties with China.
Among the priority issues for which business expects support, Katyrin attributed the liberalisation of the customs, tax, visa regime; creation of effective investment protection mechanisms; improving the efficiency of existing and developing new transport and logistics routes; developing air traffic, including with the regions of Russia; developing and ensuring the availability of financial infrastructure; elimination of administrative barriers and other restrictions on the access of products to the markets of both the countries.