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News // Russia

Russia and India set trade target to $50 billion by 2025

17 September 2018 , 10:21Neftegaz.RU529

Moscow, September 17 - Neftegaz.RU. India and Russia on September 14 discussed ways to increase trade, remove barriers in business during 23rd Inter Governmental Commission (IGC) on Trade, Economic, Scientific, Technological and Cultural Cooperation.


The IGC was meeting was led by External Affairs Minister Sushma Swaraj and Russian Deputy PM Yuri Borisov following a comprehensive discussion on all bilateral matters. Following the meeting, the 2 sides expressed satisfaction over the present trade and investment situation.


With the 2-way investments crossing the $30 billion target, set for 2025, India and Russia have now proposed to enhance this figure to $50 billion by 2025. Talking about trade, Sushma Swaraj said that in 2017, the annual trade between India and Russia reached $10.17 billion.


«2-way investments have already crossed the $30 billion target, which we had set for 2025. We have, therefore, proposed that we enhance this figure to $50 billion by 2025. Energy is the traditional area of cooperation. Earlier this year the 1st shipment of LNG from Russia arrived in India, in a new breakthrough of our energy partnership,» she said.


Foreign Minister Sergei Lavrov also hosted a dinner in honour of Swaraj, who is visited Russia for the 3rd time in 11 months. To boost trade ties, a 1st ever India-Russia Business Summit involving major companies from both sides will be held in India in October 2018.


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