Ficci to take team to Russia

Federation of Indian Chamber of Commerce and Industry (FICCI) will take a 30-member trade delegation to Russia this month as part of its efforts to give an impetus to bilateral trade. The three-day visit beginning November 11 would coincide with the Prime Minister’s visit to Moscow and has been aptly timed as the rupee-rouble trade between India and Russia comes to end next year, Ficci Secretary General Amit Mitra said. Rupee-rouble trade is an arrangement between the two countries wherein India pays its debt to Russia by way of exports of goods and services which are permissible under the Exim policy.

Asked to quantify the estimated increase in bilateral trade, Mitra said “If trade with China can touch $5 billion in the first eight months of this fiscal from $3 billion in 2001, Indo-Russian trade can jump manifold”. At present, the biggest impediment was the rupee-rouble trade which would come to an end next year. Once this gets converted into a free foreign exchange one, it would give an immense boost to India’s trade.