Huge potential to boost trade, investments with Russia, says Suresh Prabhu

By: |
New Delhi | Published: May 26, 2018 4:58:39 PM

Commerce and Industry Minister Suresh Prabhu today met his Russian counterpart Denis Manturov in St Petersburg and discussed ways to further promote trade and investments between the two countries.

Suresh Prabhu, Commerce and Industry Minister, india russia trade, SPIEF 2018, india russia ties“India and Russia share strong trade and investment ties with more potential. We shall work together to strengthen our economic ties to create win-win for all,” Prabhu said in a series of tweets. (PTI)

Commerce and Industry Minister Suresh Prabhu today met his Russian counterpart Denis Manturov in St Petersburg and discussed ways to further promote trade and investments between the two countries. “India and Russia share strong trade and investment ties with more potential. We shall work together to strengthen our economic ties to create win-win for all,” Prabhu said in a series of tweets. He said that businesses of both the countries have immense untapped potential of cooperation in several areas including agriculture, defence and logistics.

The minister was on an official visit to Russia to participate in the St Petersburg International Economic Forum (SPIEF) 2018. Prabhu also held discussions with governor of Stavropol Vladimir Vladimirov, Russian minister for the development of far east Alexander Kozlov, and met delegations from different sectors.

To promote trade, India wants Russia to explore opportunities for diamond trade here and use of national currencies for trade purposes in areas like pharmaceuticals, textiles, agricultural commodities and machinery and engineering products. According to government data, the bilateral trade between the countries increased to USD 7.5 billion in 2016-17 from USD 6.2 billion in the previous fiscal. But the trade is in the favour of Russia.

Do you know What is Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India, Expenditure Budget, Customs Duty? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Next Stories
1India to beat Japan this year; to have Asia’s second-largest power capacity
24 years of Modi government: Hits and misses – from economy to jobs to politics
3PMEAC member refuses to comment if demonetisation sole reason behind surge in income tax collection