Russia-India Trade Turnover Exceeds $70 Billion, Targets $100 Billion Goal
Quick Look
- Russia's Deputy Trade Representative Evgeny Griva announced that trade turnover between Russia and India has surpassed $70 billion, with a goal to reach $100 billion.
- This growth, driven by shifts in the global landscape, is fostering expanded cooperation, especially among small and medium-sized enterprises (SMEs).
AI-generated summary
Why It Matters
Russia-India trade turnover has grown significantly from $14 billion in 2020-2021 to over $70 billion currently, largely due to changes in the global political and economic landscape since 2022.
NEW DELHI, June 29. /TASS/. The steadily growing trade turnover between Russia and India lays the foundation for expanding cooperation, including among small and medium-sized enterprises (SME) of the two countries, Russia’s Deputy Trade Representative in India Evgeny Griva said.
"We are currently witnessing steady growth in Russian-Indian trade turnover. In 2020-2021, the volume of trade between our countries stood at around $14 bln whereas today it exceeds $70 bln. At the same time, we have a concrete goal of raising this figure to $100 bln," he said at a forum on SME development organized by the Global Trade and Technology Council of India in New Delhi.
"The growth of bilateral trade was made possible by changes in the global political and economic landscape," Griva said, adding that since 2022, Russia has assumed a more prominent place in India’s information and economic agenda. "Today, Russia is India’s fourth-largest trading partner and third-largest supplier of goods," he noted.
Initially, shipments of Russian oil, fertilizers, and other products drove trade growth, the official said. At the same time, in his view, a favorable foundation has now been established for the further qualitative development of economic ties.
Griva highlighted the special role of small and medium-sized enterprises' cooperation in this process. "Russia’s trade mission is ready to support Indian small and medium-sized businesses in identifying opportunities within the Russian market, as well as to assist in finding partners for project implementation in India and in attracting technology and investment," he concluded.
What to Watch
AI outlook — possibilities, not facts
Russia and India will continue efforts to raise bilateral trade turnover to $100 billion.
Likely · Within months
Russia's trade mission will actively support Indian SMEs in market identification and partner search.
Very likely · Within weeks
Open Questions
- Specific sectors for future SME cooperation?
- Timeline for reaching the $100 billion trade goal?
