Russia and India are long-standing partners with a rich history of mutually beneficial cooperation. The two countries have great trading potential. However, Russian-Indian trade and economic cooperation cannot yet be called very active. This situation is not acceptable to either side, and now Russia and India are working to develop their economic relations.
For many years, the two countries have been cooperating in such critical areas as the defense industry, nuclear energy and space technologies. However, the total amount of mutual trade is still relatively small. Furthermore, over the past few years, trade volumes have begun to decline, forcing the leadership of Russia and India to pay special attention to this issue. Thanks to joint efforts in 2017, steady growth has finally begun. In the period from January-November 2017, Russian-Indian trade exceeded $8 billion, more than 21 percent more than trade for the same period in 2016.
2018 also began successfully - trade for January 2018 exceeded similar indicators from 2017 by 55 percent. It is expected that growth will continue, and in 2018 Russian-Indian trade will rise beyond the $10 billion mark. However, according to Russian and Indian experts, these figures could be much higher if the potential of Russian-Indian trade had been fully realized.
In March 2018, the media reported on the meeting between the Russian Minister of Economic Development Maxim Oreshkin and Indian Minister of Trade and Industry Suresh Prabhu. During the talks, the ministers discussed various barriers to economic cooperation between Russia and India. Such barriers were found in the financial sphere, customs legislation and a number of other areas.
As a result, a plan was adopted to remove these obstacles; with the successful implementation of this plan, Russian-Indian trade could reach $30 billion by 2025.
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