NEW DELHI, April 19. /TASS/. India and Russia have taken their trade and economic cooperation to the next, deeper level, President of the New Delhi-based analytical center Imagindia Institute Robinder Sachdev told TASS on Wednesday.
He was commenting on the visit Russian Deputy Prime Minister and Industry and Trade Minister Denis Manturov to the Indian capital.
""If you look at the meetings that took place, India and Russia have moved to the next, new, deeper level, and they are creating a new architecture of trade and economic relations," Sachdev said.
"The first thing I see is a structural transition in bilateral trade to a new category of goods compared to traditional ones. Due to the prevailing market conditions, new opportunities for cooperation are opening up for them. Russia needs cars, household appliances, construction equipment, and new age technologies," the analyst added.
Touching upon an agreement on investments, the parties are discussing now, Sadchev noted that it "will help to get away from the worries and fears that Indian businessmen have after the introduction of sanctions." However, according to the expert, "there are still some problems that can hinder growth - this is the payment mechanism, logistics, bureaucracy." "But the two countries are looking for ways to smooth out various obstacles, seeking to create infrastructure and facilitate payments," the expert noted.
"These negotiations, which took place under a completely new global scenario, and the decisions taken as a result of them show that India and Russia are striving to expand in new areas of trade and business, to create additional enterprises," he went on.
"All this suggests that India and Russia are deepening relations, which, as Minister Jaishankar said, are among the most stable in the world," Sachdev concluded.
Manturov was on a visit to India on April 17-18. During the visit, a meeting of the Intergovernmental Russian-Indian Commission (IPC) on trade, economic, scientific, technical and cultural cooperation was held.
According to India’s Foreign Ministry of the republic, the participants of the meeting of the IGC "agreed to work together in order to fully unlock the potential of bilateral trade and economic relations."
In New Delhi, Manturov also held bilateral meetings with Indian Trade and Industry Minister Piyush Goyal, Finance Minister Nirmala Sitharaman and National Security Adviser Ajit Doval, according to the Foreign Office.