trade

St Petersburg, Russia: Commerce and Industry Minister Suresh Prabhu today met his Russian counterpart Denis Manturov in St Petersburg and discussed ways to further promote trade and investments between the two countries.

“India and Russia share strong trade and investment ties with more potential. We shall work together to strengthen our economic ties to create win-win for all,” Prabhu said in a series of tweets.

He said that businesses of both the countries have the immense untapped potential of cooperation in several areas including agriculture, defence and logistics.

Both sides appreciated and noted the fact that India-Russia trade has increased considerably, but was still less than the potential

The minister led the Indian delegation at the St Petersburg International Economic Forum on 24-25 May.

Prabhu met with Russian ministers and several top business leaders representing railways, communications and media, fertilisers and start-ups. He also held meetings with Deputy Prime Minister Yury Trutnev, Minister of Transport Yevgeny Deitrich, Minister for Economic Development Maxim Oreshkin, Minister for the Development of the Far East Alexander Kozlov, and Minister of Industry and Trade Denis Manturov.

Furthering the goal of increased cooperation between the various regions of the Russian Federation, Prabhu also had meetings with the regional governors of Stavropol, Yaroslavl, Udmurtia and Ingushetia.

During the meetings, both sides appreciated and noted the fact that India-Russia trade has increased considerably, but was still less than the potential.

To promote trade, India wants Russia to explore opportunities for diamond trade here and use of national currencies for trade purposes in areas like pharmaceuticals, textiles, agricultural commodities and machinery and engineering products.

The thrust of the conversations was for creating and executing a plan for increased bilateral trade and economic cooperation.

According to government data, the bilateral trade between the countries increased to $7.5 billion in 2016-17 from $6.2 billion in the previous fiscal. But the trade is in the favour of Russia.