India asks Russia for more market access

Print 07 November 2014
The Hindu and Business Line

India wants greater market access in Russia for pharmaceuticals, automotive, textile and value added agricultural products, Commerce and Industry Minister Nirmala Sitharaman has said.

Addressing the India-Russia Forum on Trade and Development on Wednesday, the Minister said that the Russians should invest in India in areas where they see opportunity.

“We want greater market penetration in areas where India has set global standards,” said Sitharaman.

Russia’s Deputy Prime Minister Dmitry Rogozin, who spoke briefly at the meeting called for strengthening of the Rupee-Rouble payment system, which was endorsed by the Indian Minister.

India had a lot to offer to Russian investors in terms of skilled work force, said Sitharaman.

India and Russia are also working on a Free Trade Agreement to boost bilateral trade from the existing $6 billion, which is less than one per cent of India’s total foreign trade.

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