Date: 11/07/2024

India, Russia plan to raise bilateral trade to $100 bn by 2030

India and Russia are looking at raising bilateral trade to $100 billion by 2030, balance the lopsided trade, eliminate non-tariff trade barriers, and explore the possibility of a Eurasian Economic Union (EAEU)-India Free Trade Area, according to a joint statement issued after multiple rounds of talks between Prime Minister Narendra Modi and Russian President Vladimir Putin. It was also announced that both nations plan to establish a bilateral settlement system using national currencies and introduce digital financial instruments into mutual settlements. 
India’s bilateral trade with Russia stood at $65.6 billion in FY24, up 33 per cent year-on-year, and nearly 5.5 times higher than the pre-pandemic trade of $10.1 billion. Bilateral trade has increased especially since 2022 with Indian fuel importers snapping up discounted Russian crude despite repeated criticism by Western nations, as per a report.
Source: Exim News Service: Moscow, July 10