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Trade turnover between Russia, India to reach $30 bln by 2025 — Deputy PM

October 20, 2015, 18:34 UTC+3
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MOSCOW, October 20. /TASS/. Trade turnover between Russia and India may reach $30 bln by 2025, Deputy Prime Minister Dmitry Rogozin said at a meeting of Russian-Indian intergovernmental commission on Tuesday.

"The issue is about reaching $30 bln worth of mutual trade turnover and $15 bln worth of mutual investment by 2025," Rogozin said.

Deputy Prime Minister also said the Russian government is taking steps to create favorable conditions for developing trade, economic and investment cooperation, particularly free trade agreement, agreement on mutual stimulation and protection of investment, on payments in national currencies, on admitting certifications of conformity and education and diploma standards. Rogozin added that the cooperation program in oil and gas sector has been launched.

Russian export center must become "single window" of economic interaction between Russia and India 

According to Rogozin Russia’s export center must become a "single window" of economic interaction between Russia and India.

"The modern times makes it necessary to simplify and accelerate the processes of public administration, the development of economic institutions to support and stimulate economic activities, the development of one-window system. We should do everything what is needed to ensure that our agencies work in comfortable, red-tape free conditions. I would like to note that the newly created Russian export center should become such a window for the development of foreign economic relations," Rogozin said.

Rogozin said that relations between Russia and India had shown a steady development over the years. According to him, Russia is ready to support India and actively participate in the implementation of large-scale projects on developing the country's economy.

"Russia is ready to assist India in nuclear energy development, upgrade of thermal power plants, metallurgical and machine-building companies, exploration, mining, construction of gas pipelines, power lines, rail infrastructure, rolling stock, aircraft and helicopter, the peaceful use of space, the development of modern means of communication, the creation of "smart cities", the construction of industrial facilities, construction and creation of modern systems of water treatment, the development of medical equipment and medicines, training of qualified personnel," the deputy prime minister said.

Russia, India eye expansion of trade in national currencies

 First Deputy Minister of Economic Development Alexey Likhachev said India and Russia would like to expand bilateral trade in national currencies, but the banking systems are not yet ready for being actively involved in this process.

"This is a burning issue. Our banking systems are not ready to actively respond to the request. We would like to expand it [trade in national currencies -TASS]," he said.

According to him, the use of national currencies would increase the volume of trade because it allows the parties to avoid currency fluctuations.

"It's much more comfortable for entrepreneurs, significantly reduces transaction expenses and reduces costs," Likhachev said.

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