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Trade imbalance with Russia to be one of top issues at Moscow summit — Indian MFA

Trade turnover between Russia and India soared in 2023-2024 to almost $65 bln due to close cooperation in the energy sector, Foreign Secretary Vinay Kwatra noted

NEW DELHI, July 5. /TASS/. Trade imbalance between Moscow and New Delhi will be one of top issues at the Russia-India summit in Moscow, Indian Foreign Secretary Vinay Kwatra told a briefing.

Trade turnover between Russia and India soared in 2023-2024 to almost $65 bln due to close cooperation in the energy sector, he noted. That said, India’s export to Russia totals $4 bln.

"This trade imbalance will be prior at discussions during the summit," Kwatra said.

The Indian Ministry of External Affairs said earlier that Prime Minister of the South Asian republic Narendra Modi would pay a working visit to Moscow on July 8-9 at the invitation of Russian President Vladimir Putin to hold the 22nd India-Russia Annual Summit. The leaders will review the entire range of multifaceted relations between the two countries and exchange views on contemporary regional and global issues of mutual interest, the ministry said.

According to figures provided by the Indian side, export of Russian oil and petroleum products to India doubled in money terms in 2023 to $45 bln and $4.5 bln, respectively. In March 2024 Russia again became the largest oil supplier to India as it ensured 34% of crude supplies from the country’s total imports, according to OPEC’s report. Meanwhile Kpler data shows that in April India’s import of Russian oil rose by almost 20% compared with March.

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India Trade & Cooperation

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