India Sets $100 Billion Trade Target With Russia, Aims Electronics And Trade Barrier Removal

India is focussing on various sectors like electronics, besides taking up issues of non-trade barriers removal, to boost exports to sanction-hit Russia and move towards achieving the $100 billion annual bilateral trade target, a senior government official said on Monday.

An Indian delegation is likely to visit Russia in a follow-up to the recent summit meeting between Prime Minister Narendra Modi and Russian President Vladimir Putin.

"We are focusing on different sectors. There are non-tariff barriers (NTBs), which we have asked Russia to look into, and there will be another visit to Russia. We are looking at better greater market access (to increase India's exports to Russia)," Commerce Secretary Sunil Barthwal told reporters here.

India and Russia have set a target of $100 billion in annual trade volume by 2030 and vowed to develop a robust bilateral payment settlement mechanism using national currencies.

At present, the bilateral trade stands at about $67 billion.

"We are looking at various sets of commodities, for example, electronics, engineering and other products where there can be exports," Barthwal said, adding that Indian marine and pharma exporters face issues in Russia in terms of certification.

He added that India is also looking at tapping export opportunities in sectors where Russia faces sanctions from the Western world.

"We are also looking at rupee-rouble trade...so, it is a twin strategy on which we are working," the secretary said.

Major items of export from India include electrical machinery, pharmaceuticals, machinery and mechanical appliances, chemicals, iron and steel, while main imports from Russia include oil and petroleum products, fertilisers, mineral resources, precious stones and metals, and vegetable oils.

In 2023-24, India's exports to Russia stood at $4.26 billion, while imports aggregated at $61.43 billion.

Imports are higher because of crude oil imports.