India to reach 100 billion dollar of bilateral trade with Russia by 2030: Ambassador Vinay Kumar

India is pursuing negotiations for a Free Trade Agreement (FTA) with the Eurasian Economic Union (EAEU) to boost exports to Russia and other member countries, Indian Ambassador to Russia Vinay Kumar said, expressing confidence that New Delhi and Moscow would achieve their bilateral trade target of USD 100 billion by 2030.

By Aditya Prakash India is pursuing negotiations for a Free Trade Agreement (FTA) with the Eurasian Economic Union (EAEU) to boost exports to Russia and other member countries, Indian Ambassador to Russia Vinay Kumar said, expressing confidence that New Delhi and Moscow would achieve their bilateral trade target of USD 100 billion by 2030.

Speaking to ANI, Kumar said India and Russia recorded a bilateral trade turnover of USD 38 billion in the first six months of this year, highlighting efforts to expand the range of products traded between the two countries and improve market access for Indian exporters. "38 Billion Dollar is the trade turnover in the first six months of this year. We have to both find new products to expand our trade basket and also increase the turnover of the individual products that we are exporting to Russia," the Ambassador said.

Kumar identified three key areas of focus for strengthening bilateral trade: diversifying India's export basket, improving market access in Russia and advancing negotiations for an FTA with the EAEU. He said India was working with Russian authorities to address standards and non-tariff barriers faced by Indian exporters, particularly in the agricultural and marine products sectors. The efforts also aim to facilitate the entry of new Indian companies with a record of high-quality exports into the Russian market.

"Third, major that we are working on is negotiations for a Free Trade Agreement with Eurasian Economic Union, which will help Indian exporters to increase their exports to Russian market and also other markets which are members of Eurasian Economic Union," Kumar said. The Ambassador expressed optimism about the prospects for bilateral trade, noting that the growth trajectory could help both countries achieve the target set by their leaders in 2024.

"I think that at the rate at which our trade is growing, we should be able to meet the target that our leaders set in 2024, that is to reach 100 billion dollar of bilateral trade by 2030," he said. On criticism from Western countries and US sanctions over India's energy imports from Russia, Kumar said New Delhi's approach was guided by its energy security requirements and the need to secure supplies at competitive prices.

He noted that Europe had imported more than USD 320 billion worth of energy resources from Russia since 2022, arguing that the figure was significantly higher than India-Russia trade. "The fact is that since 2022, Europe has imported more than 320 billion dollars of energy resources from Russia, which is far bigger than the trade between India and Russia. Be that as it may, for us, the policy and practice are very clear - to ensure energy security of 1.4 billion people of India, diversified sources, predictable sourcing of these products at the most competitive prices," Kumar said.

The remarks came during the second edition of the India-Russia Business Forum, titled Tatarstan Initiative Mutual Efficiency (TIME), in Kazan. The forum aims to facilitate business-to-business interactions, strengthen commercial partnerships and explore new opportunities for economic cooperation between the two countries. (ANI)