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Trade turnover between Russia, India growing by seven times over last five years

The work continues to prepare the free trade agreement with India, First Deputy Prime Minister of Russia Denis Manturov said

MOSCOW, August 20. /TASS/. Russia and India boosted their trade turnover by almost seven times over the last five years, First Deputy Prime Minister of Russia Denis Manturov said at the meeting of the Russian-Indian Intergovernmental Commission for cooperation.

"Owing to decisions made earlier, the Russian-Indian trade turnover increased by almost seven times over the last five years. India is confidently among the top three our largest foreign trade partners," he said.

The range of products is growing along with the increase of trade volumes, Manturov stressed. Further to stable energy supplies to India, Russian exports are represented by mineral fertilizers, metals and lumber industry products, raw diamonds, power equipment and foods.

Russia is importing agricultural products, drugs and substances, light industry goods, industrial feedstock, equipment and components from India.

The work continues to prepare the free trade agreement with India, Manturov said. "For the purposes of further diversification of the structure and growth of the trade turnover and to simplify mutual access to markets, we are going to continue the work on the preparation of the free trade zone agreement between the Eurasian Economic Union and India," he added.

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