India and Russia should diversify their trade basket and economic exchanges by going beyond the traditional sectors and cooperating in new areas like railways, transport and logistics, pharmaceuticals, minerals and steel that will add momentum to the bilateral ties, Foreign Secretary Harsh Vardhan Shringla has said.
Addressing a meeting hosted by the Diplomatic Academy of Russian Ministry of Foreign Affairs on Wednesday, Shringla said India-Russia trade, amounting to USD 10.11 billion in FY 2019-2020, is far below the potential.
“Last year there was a slump but we are finding ways of reviving it. Both countries have set the bilateral trade target at USD 30 billion by 2025,” he said.
One of the steps taken to enhance trade is the commencement of negotiations in August 2020 for the India- Eurasian Economic Union (EAEU) Free Trade Agreement, he said.
The operationalisation of a “Green Corridor” and a Bilateral Investment Protection Arrangement are likely to encourage bilateral trade and investment, respectively, Shringla underlined.