NEW DELHI, November 12. /TASS/. The share of national and alternative currencies in trade between Russia and India has approached 90%, Russian First Deputy Prime Minister Denis Manturov said at a plenary meeting of the Russian-Indian intergovernmental commission.

"We keep issues of interbank cooperation and mutual settlements under special control. The share of national and alternative currencies in bilateral trade has already approached 90%. We consider it necessary to continue the work on expansion of correspondent relations between Russian and Indian banks," he said.

Mutual trade between the two countries grew more than five-fold over the past five years, making India Russia’s second-largest foreign economic partner. In the first eight months of 2024, trade turnover between Moscow and New Delhi added 9%, Manturov said.

"What is important is that this growth is coupled with diversification of the structure of mutual trade. Apart from traditional supplies of energy resources and mineral fertilizers, we have boosted export of food, first of all of sunflower and soybean oil," he noted.

In turn, apart from purchases of agriculture products, Russia imports industrial equipment, components and pharmaceuticals from India, the official added.

He also confirmed that Russia is in tune for concluding an agreement on free trade between the Eurasian Economic Union (EAEU) and India and a bilateral agreement on services and investment.