Union Minister of Commerce and Industry Piyush Goyal. (Photo: KAMLESH PEDNAKAR)
Commerce and Industry Minister Piyush Goyal is expected to attend the BRICS trade ministers’ meeting in Moscow on July 26, an official said on Friday.
The members of BRICS are Brazil, Russia, India, China and South Africa.
It is a grouping of major emerging economies in the world. They comprise more than 40 percent of the world’s population and account for more than 16 percent of world trade.
During Prime Minister Narendra Modi’s visit to Russia on July 8-9, India and Russia set an ambitious bilateral trade target of $100 billion by 2030.
India is focusing on various sectors, such as electronics, and is also addressing issues such as removing non-trade barriers to boost exports to sanctions-hit Russia, bringing it a step closer to achieving this goal.
Currently, bilateral trade amounts to about $67 billion.
The country is considering various types of goods, such as electronics and technology, to increase exports to Russia.
Indian exporters of maritime and pharmaceutical products are facing problems in Russia. New Delhi wants to solve these problems to facilitate shipments.
India exports a wide range of products to Russia, including smartphones, shrimp, medicines, meat, tiles, coffee, aircraft and helicopter parts, chemicals, computers and fruits. The main imports from Russia are oil and petroleum products, fertilizers, mineral raw materials, precious stones and metals and vegetable oils.
In 2023-24, India’s exports to Russia stood at USD 4.26 billion, while imports totalled USD 61.43 billion. The trade is strongly in favour of Russia.
Imports are higher due to the import of crude oil.
Think tank GTRI states in its report that measures such as increasing exports, making local currency trade workable and a free trade agreement with the Eurasian Economic Union will boost trade between India and Russia.
(Only the headline and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First print: Jul 19, 2024 | 8:21 PM IST