India stresses need to address trade imbalance with Russia

The imbalance in India-Russia trade needs to be addressed urgently, including steps to remove non-tariff barriers and regulatory impediments and facilitate the settlement of trade in national currencies, external affairs minister S Jaishankar said on Monday.

- Rezaul H Laskar

Jaishankar's remarks, made while addressing the India-Russia Business Forum in Mumbai alongside Russia's first deputy prime minister Denis Manturov, came against the backdrop of New Delhi running up a trade deficit of $57 billion with Moscow.

The two countries need to find solutions to banking and payment-related issues, logistical challenges and market access, Jaishankar said. They should also expedite negotiations on a proposed India-Eurasian Economic Union free trade agreement and on a bilateral investment treaty, he said. "Our bilateral trade is today at $66 billion. This makes the goal of reaching $100 billion by 2030 more than realistic," Jaishankar said.

"The balance of trade, however, needs urgent redressal since it is so one-sided. It is imperative that non-tariff barriers and regulatory impediments are speedily addressed."