VLADIVOSTOK, September 5. /TASS/. India will boost volumes of Russian oil import by 2030 in accordance with goals on trade turnover with Russia that have been set by the two countries’ leaders, India’s ambassador to Russia Vinay Kumar told TASS on the sidelines of the Eastern Economic Forum (EEF).

"The target that the two leaders have set for bilateral trade is $100 billion by 2030. So we are looking to reach that target of bilateral trade which means that it has to increase," he said when asked whether India plans to expand Russian oil import.

India will also increase the volumes of export of spare car parts and pharmaceuticals to Russia, the diplomat added.

"We are looking not only to increase imports from Russia of the commodities that are required in India, but also to increase exports from India of pharmaceuticals, food products, auto components, ceramic tiles, engineering goods, leather and footwear products, all of which Russia imports in big quantities. So the market is available. Our work is to work hard to make Russian consumers buy Indian products," he said.

The two countries are also working on new systems of message exchange between banks, which is expected to create a basis for predictable trade and help reach the targets set by the leaders of the two countries during their meeting in Moscow, the ambassador noted.

The Eastern Economic Forum is underway on the campus of the Far Eastern Federal University in Vladivostok on September 3-6, 2024. The main theme of the EEF this year is 'Far East 2030. Combining strengths to create new potential'. Business activities are broken down into seven thematic blocks: 'New contours of international cooperation', 'Technologies to ensure independence','Financial value system', 'the Russian Far East', 'People, education and patriotism', 'Transport and logistics: new routes', and 'Master plans: from architecture to economy'.

The Roscongress Foundation is the Forum’s organizer. TASS is the general information partner of the EEF.