India asks Russia to reduce some non-tariff barriers, encourage transactions in Rupees and Rubles

India is looking to increase exports to Russia, including encouraging transactions in rupees and rubles, while pushing Moscow to remove non-tariff barriers.

India and Russia are negotiating to balance two-way trade. (Source: Getty)

The move comes after Indian Prime Minister Narendra Modi's visit to Russia.

At a press conference on July 15, Indian Deputy Commerce Minister Sunil Barthwal said that the government has asked Moscow to consider reducing some non-tariff barriers on New Delhi's seafood exports.

New Delhi is also trying to encourage trading in rupees and rubles, but has so far been unsuccessful. India will send a trade delegation to negotiate on the issue.

“We are looking at how both countries can benefit from better trade relations. We are looking at various categories of goods, for example electronics, engineering goods and other items that can be exported,” Deputy Minister Sunil Barthwal said.

India and Russia have increased trade since the outbreak of the Russia-Ukraine conflict in early 2022, but the increase is largely due to India's purchases of Russian oil.

Currently, the two countries are negotiating to balance two-way trade.

Source: https://baoquocte.vn/an-do-yeu-cau-nga-ha-bot-mot-so-hang-rao-phi-thue-quan-khuyen-khich-giao-dich-bang-dong-rupee-va-ruble-278839.html