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India is aiming to discuss ways to eliminate non-tariff barriers (NTBs) that Indian exporters are facing in Russia in order to boost exports to the region, Commerce Secretary Sunil Barthwal told reporters during a press briefing on Monday, adding that a visit for the same is being planned too.
This comes after Prime Minister Narendra Modi last week met Russian President Vladimir Putin in Moscow to discuss deeper trade ties, setting a bilateral trade target of $100 billion by 2030 and initiating talks for a trade deal with Russia-led Eurasian Economic Union (EEU) that consists of five member states: Russia, Belarus, Kazakhstan, Kyrgyzstan, and Armenia, representing a $5 trillion economy.
NTBs come in the form of quotas, embargoes or technical regulations, standards and conformity assessment procedures that are used to ensure safety, quality and performance of goods. However, they often act as a deterrent to exports.
Currently, the India-Russia trade is skewed in favour of Russia due to rapid rise in petroleum imports. Russia has ascended to become India’s top oil supplier after the start of the Ukraine war, but Indian exports to Russia have struggled, resulting in a $57 billion trade deficit in the bilateral trade worth $66 billion in FY24.
“These issues (NTBs) are being taken up at different forums. We are looking at getting greater market access and addressing these non-tariff barriers in areas such as marine products and pharmaceuticals,” Barthwal told reporters in response to a query.
“We are looking to raise the overall trade volume with Russia…we are looking at various sets of commodities such as electronics, engineering goods, and other items where trade can be enhanced.” he said.
To address the growing trade deficit between India and Russia, Modi during his Moscow visit had stressed the need to “increase Indian exports to Russia” by strengthening industrial cooperation.
According to a joint statement, Russia and India have also planned the implementation of joint projects in priority areas and emphasised the importance of expanding reciprocal trade flows of industrial products to increase their share in bilateral trade.
