NEW DELHI, December 9. /TASS/. Russian President Vladimir Putin’s visit to India at the invitation of Prime Minister Narendra Modi that demonstrates the strengthening of the two countries’ strategic partnership, will give new impetus to trade and economic ties between Moscow and New Delhi, India’s economic expert Sharmila Kantha said.
"The India state visit of Russian President Vladimir Putin yielded strong optics and reiterated the special and privileged strategic partnership between the two countries, marking 25 years of their strategic partnership," she said in an article for NatStrat, the Indian center for research on strategic and security issues.
"In the joint statement of the two leaders, the first point covered trade and economic partnership and emphasized the target of $100 billion in bilateral trade by 2030. On trade, the joint statement makes a succinct reference to faster work on the free trade agreement between India and the Eurasian Economic Union (EAEU)," Kantha noted.
The bulk of Indian imports from Russia so far consisted of oil, as well as vegetable oils and fertilizers, she said. "Diversifying this import portfolio requires a granular examination of potential trade items based on the trade profiles of both countries, as well as addressing non-tariff barriers in these products," the expert said. India also purchases diamonds, cast iron, steel, and newsprint from Russia, but the value of those imports is relatively low, she said, adding that India could significantly increase its supplies of goods from Russia such as electronics, mechanical engineering equipment, organic chemicals, plastics, and others.
"The two governments should strenuously encourage and support private sector interactions, including by adding businesses in the dialogue process," Kantha said.
On December 4-5, the Russian-Indian summit took place in New Delhi. Putin held a series of bilateral talks and participated in a business forum in India. Following the state visit, a number of bilateral agreements were signed.