Import and Export opportunities to tap with $100 Billion Trade Deal signed by PM Modi and Vladimir Putin Between Russia and India

Channel: exim

#Exim  

A strong foundation has been laid down between the two nations after India’s Prime Minister Narendra Modi’s official visit to Russia with President Vladimir Putin to promote bilateral trade and economic relations with a trade roadmap aimed to achieve a 100-billion-dollar (Rs. 8.34 lakh crore) target in annual trade volume by 2030. This is one of the greatest import and export opportunities that every import export businessman should consider for expanding business.

The Goal is to improve
Import Export Trade Structure
Trade Procedures/Processes
Emphasising transactions in Indian Rupees (INR)
Offering Duty benefits, and
Enhancing logistics support
Focus on “Make in India” products
Why does India want India-Russia Trade Volume, Growth and Balance to go to next level?
India- Russia Trade reached a record USD 65 billion in 2023.
A significant trade growth of 66% in the previous year and an additional 20% trade growth in the first quarter of 2024.
India faced a trade deficit of $57 billion with Russia in 2023-2024 period.
Hence India is aggressively looking forward to increase Export to Russia.
Major Decisions and Initiatives
Removing Trade Barriers: Both India and Russia aim at removing barriers to facilitate smoother trade.
Local Currency Exchange: Introduction of a system for transactions using Indian Rupees (INR), to reduce dependency on the US dollar and manage exchange rate risks.
Simple Customs Procedures: To speed up the process and movement of good trade between India and Russia by simplifying custom procedures.