Russian Customs Service anticipates continued increase in India-Russia trade

The Federal Customs Service (FCS) of Russia expects trade with India to continue to grow as India competes to be Russia's largest trading partner.“Alongside our traditional trading partner, Turkey, India currently ranks in the top 3 for trade with Russia. Given India's substantial economic potential, we expect that trade with this country will continue to build on current levels,” said Vladimir Ivin, Deputy Head of the FCS.

Mr Ivin noted the significant market potential for Indian goods in Russia, stating, “We have met with our Indian counterparts and observed great interest among Indian entrepreneurs in entering our market. Our own business community reciprocates this interest. To put it simply, virtually everything India is prepared to export to Russia will be easily marketed and consumed here.”

The primary challenge for bilateral trade development is the complexity of the logistics involved. “Unfortunately, we do not share a border with India as we do with China, and this has hindered India from reaching the levels of trade we enjoy with China. However, once the logistical issues are resolved, India will be free to fulfil its tremendous potential. We have high hopes for the development of the International North–South Transport Corridor (INSTC),” Mr Ivin explained, emphasising that the FCS aims to ensure customs controls do not hinder the growing trade between the two countries..

Source: TASS