Russian-Indian cooperation

Russia and India have greatly concurring interests in political and economic spheres and this together with considerable legal base forms favorable conditions and predetermines necessity of the all possible development of relations in these areas in order to strengthen their strategic positions in the world.

India’s external trade experiences rapid growth, which is reflected in sharp increase of the commodities turnover mainly at the expense of export. Main interest of the country lies in expanding trades with the states, among which are the leading world powers, including Russia.

Traditionally India held an important place in trade and economic relations of the former USSR and later on - Russia. Besides, starting from 1991 Russian-Indian trade and economic relations were characterized by decrease of commodities turnover. The objective causes underling such position were the changes occurring in the Russian economy, which were accompanied by breaking old ties, reorientation of external trade towards Western markets.

At present volume of trade between Russia and India amounting to 8% does not completely reflect all potentials, which exist in our trade and cooperation as far as here we have a very large potential. Therefore an increase of the mutual commodities turnover represents major task to be handled by India and Russia. Both countries have to enhance practice of establishing joint export-oriented enterprises and in particular in pharmaceutical area, food industry, engineering companies etc. It is significant, that direct dialog of Russian and Indian businesses, of specific individuals working in specific spheres may seriously influence change of commodities turnover pattern between the countries and also affect general background, upon which political cooperation is rapidly developing.

If effectiveness of external trade relations is provided, further expansion and deepening of Indian trade with Russia may become a stimulus to broaden industrial and economic potentials of both countries,