RUSSIA – INDIA: A NEW STAGE IN ECONOMIC PARTNERSHIP
The Business Roundtable was dedicated to economic relations between Russia and India. The participants attempted to evaluate the accumulated joint experience, discussed cooperation prospects and considered the ways of facilitating mutual trade.
The roundtable was moderated by Chandrajit Banerjee, Director General of the Confederation of Indian Industry, and Sergei Cheryomin, Minister, Head of Department for Foreign Economic Activity and International Relations of Moscow City Government, Chairman of the Board of Business Council for Cooperation with India.
Russia–India trade went almost 20% down in 2015 and made up around USD 8 billion. Trade activity peaked several years ago. At that time, the parties expected to triple it by 2025, however so far the trend is negative, the speakers noted.
The two countries are moving to new stages in their economic partnership, and therefore, as the speakers emphasized, it is necessary to evolve from ordinary basic activity in the trade area, from the buyer-seller format to mutual investments. New areas for cooperation need to be unlocked.
“There is a taskforce in place that works on the future preferential agreement between India and the European Union. Russia is also willing to go forward in this direction as fast as the Indian party is ready to proceed,” the First Deputy Minister of Economic Development of the Russian Federation Alexey Likhachev stated.
The mentioned agreement is critical not only in terms of abolishing specific duties and trade barriers, but also as a powerful positive signal for the business, the speakers concluded. Both countries, their leaders and ministries should support the commodity turnover between the two states and promote its increase.
For the moment, there are several ‘sectors’ that demonstrate active, promising growth. These are the power, defense and nuclear industries, as well as the so-called ‘green corridor’ – simplified customs procedures that have a positive impact on trading companies of both countries.
