India and Russia sign customs pact and aim to boost trade three times over the next decade

Moscow: India and Russia seek to increase trade to US$ 30 billion by 2025 from US$ 9.5 billion last year, by overcoming challenges of inadequate connectivity, language barriers, visa barriers and regulations. Both countries recently reached an agreement on customs to provide rapid clearances of imported goods at ports, on both sea and land. Further, both India and Russia recently concluded an agreement to set up a Joint Study Group which will recommend the framework of a Free Trade Agreement (FTA) between India and the Eurasian Economic Union comprising Russia, Kazakhstan, Belarus and Armenia. To improve transportation of goods easily, both countries are working on a North South corridor that will facilitate trade between India and Russia. Similarly, an agreement on exports of dairy products from India to Russia is expected soon. Indian companies are interested to invest in fertiliser, coal and pharmaceutical sectors in Russia. On the other hand, Russian Railways and Russia’s Investment Fund are looking forward to work with Indian companies.

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