NEW DELHI, March 14. /TASS/. Exports of oil and petroleum products from Russia to India doubled in 2023, Russian Ambassador to New Delhi Denis Alipov said in an interview with TASS, adding that the growing level of trade and economic relations points to the fact that the parties unlock the potential underutilized earlier.
"Today’s level of trade and economic relations between Russia and India demonstrates that we consistently unlock the potential that was underutilized earlier. High rates of cooperation in the area of supplies of hydrocarbons - in 2023 exports of Russian oil and petroleum products doubled from $45 bn to $4.5 bln, respectively - demonstrate confidence in Russia as a reliable partner of India, which ensures around one third of Indian imports and largely plays a pivotal role in strengthening the country’s energy security," he said.
Russia maintains the leading positions in terms of supplies of coal and mineral fertilizers (to $4 bln and $2.4 bln, respectively), diamonds (to $1.1 bln, growth by 1.7%), sunflower oil (to $1.1 bln, growth by 31.8%), ferrous metals (to $443.4 mln, growth by 39.8%).
Unbalanced trade is the main issue as trade turnover reached $65 bln last year, he said. Russia tightly holds the positions of the fourth-biggest trade partner of India, but this growth has brought such a problem as imbalance of trade in favor of Russia (over $55 bln), the diplomat said.
"It is necessary to solve it through boosting Indian exports as their volumes are incomparable so far. Nevertheless, volumes of supplies of machines and equipment are rising (to $576.7 mln, 2.1-fold growth), organic chemical compounds (to $323.4 mln, growth by 14.6%), ferrous metals (to $322.2 mln, two-fold growth), electrical appliances (to 268.6 mln, growth by 46.5%), inorganic chemicals, fish and seafood, optical, measurement and medical equipment, pharmaceutical products and more. The range of food products, including tea, coffee, spices, fruits, is expanding," he noted.
"The shift to new quality of trade is important. Time is ripe for full-fledged talks on the free trade zone with the EAEU. This will give us an opportunity to neutralize the bulk of barriers and improve conditions for providing access to the Eurasian market to Indian goods," Alipov concluded.