Experts see an opportunity to bridge trade deficit
Russia is seeking a range of imports from Indian exporters covering a wide range of products.
The matter was discussed at the recent meeting of the Co-Chairs of the Russian Indian Inter-Governmental Commission.
The list of products sought by the Russian importers are medical devices including ultrasound scanning apparatus, catheters , therapeutic respiration equipment, artificial parts of the body exclusively artificial teeth, dental fittings and artificial joints and other instruments used in medical, surgical, dental and veterinary sciences.
As per the list circulated by the Union Ministry of Commerce among the exporters through its agencies, other items/commodities such as rum, tafia, malt beer, whiskies, articles of jewellery including those of precious metals like platinum, gold and silver, pneumatic tyres of rubber (of a kind used for aircraft), machinery and mechanical applications like products of machine tool building and oxygen compressors among others.
The Indian exporters of these products include those having business operations in Russia and others who are willing to enter the Russian market can avail the opportunity in Russia, a senior ministry official told businessline.
According to Govt data, the bilateral trade between India and Russia reached a record high of $65.70 billion in FY 2023-24, comprising India’s exports worth $4.26 billion and imports from Russia amounting to $61.44 billion.
Main exports include pharmaceuticals, organic chemicals, mechanical appliances, electrical machinery, and iron and steel while imports are mainly oil and petroleum products, fertilizers, mineral resources and vegetable oils.
“As we have a trade deficit with Russia, this is an opportunity for Indian exporters to harness the export potential which also helps narrowing the gulf. It’s a win-win case for both the economies,’‘ the official said.
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