Moscow: India and Russia are moving confidently to achieve a target of $100 billion in bilateral trade by 2030 and steps are being taken to expand the trade basket, Ambassador Vinay Kumar said on Monday.
"The past year has been particularly active. We had a very successful visit of President (Vladimir) Putin. Achieving the bilateral trade target of $100 billion by 2030 is eminently possible," Ambassador Kumar said while talking to PTI on India's 77th Republic Day.
"Steps are being taken, including identification of new items, and a free trade agreement will facilitate the achievement of this target," he added, noting that trade has increased with new opportunities in fertilisers, agriculture and engineering. According to reports, in FY 2024-25, India-Russia bilateral trade reached a record high of approximately $68.7 billion due to massive import of Russian crude.
"More of the trade is being conducted already in the national currencies and this trend will continue as we further deepen trade and economic ties," the ambassador said.
"The past year has been particularly active. We had a very successful visit of President (Vladimir) Putin. Achieving the bilateral trade target of $100 billion by 2030 is eminently possible," Ambassador Kumar said while talking to PTI on India's 77th Republic Day.
"Steps are being taken, including identification of new items, and a free trade agreement will facilitate the achievement of this target," he added, noting that trade has increased with new opportunities in fertilisers, agriculture and engineering. According to reports, in FY 2024-25, India-Russia bilateral trade reached a record high of approximately $68.7 billion due to massive import of Russian crude.
"More of the trade is being conducted already in the national currencies and this trend will continue as we further deepen trade and economic ties," the ambassador said.
