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Trade balance between Russia, India to improve through national currency settlements — MFA

As Indian Foreign Minister Subrahmanyam Jaishankar noted, the signing of a bilateral agreement between the customs authorities of the two countries in May 2024 on Authorized Economic Operators has had a big impact on smoothening the ease of doing trade

NEW DELHI, November 11. /TASS/. The balance of trade between Russia and India will improve through settlements in national currencies, which are of great importance, the republic’s Foreign Minister Subrahmanyam Jaishankar told a joint business forum in Mumbai.

"Mutual settlement of trade in national currencies is of great importance, especially in the current circumstances," he said. "Special Rupee Vostro Accounts are right now an effective mechanism. However, even in the short run, a better trade balance with national currency settlements is the answer," the minister added.

The signing of a bilateral agreement between the customs authorities of the two countries in May 2024 on Authorized Economic Operators has had a big impact on smoothening the ease of doing trade, he noted.

Jaishankar also emphasized the importance of the task to develop a Comprehensive Economic Partnership, which was set by Indian Prime Minister Narendra Modi and Russian President Vladimir Putin at the annual summit in Moscow in July. "In fact, they have also charged us with developing a Program of Economic Cooperation till 2030, on which work is currently underway," he said.

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India Trade & Cooperation

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