NEW DELHI: Trade in local currencies and the balance of trade between India and Russia are both significant, said External Affairs Minister (EAM) Dr S. Jaishankar during the India-Russia Business Forum in Mumbai on Monday.“Mutual settlement of trade in national currencies is of great importance, especially in the current circumstances. Special Rupee Vostro Accounts are currently an effective mechanism. However, even in the short run, a better trade balance with national currency settlements is the answer,” said Dr Jaishankar.Russia’s First Deputy Foreign Minister, Denis Manturov, attended the meeting, which explored business opportunities between India and Russia. Bilateral trade between the two nations is valued at USD 66 billion and is projected to increase to USD 100 billion by 2030.”Amid the external economic pressure Russia-India business relations continue to strengthen and the countries demonstrate their readiness for further cooperation,” said Manturov.“The balance of trade, however, needs urgent redressal, as it is currently so one-sided. Non-tariff barriers and regulatory impediments must be speedily addressed for this to happen,” Jaishankar added.The technical areas where India and Russia could partner include development in the transport industry (including drones), the nuclear sector including high-power turbines, providing healthcare systems with advanced medicines and medical devices and increasing agricultural productivity.Meanwhile, it is worth noting that India-Eurasian Economic Union trade negotiations commenced in March this year. The first-ever Bilateral Investment Forum took place in Moscow in April 2024.
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