Amid US tariffs, Delhi & Moscow reiterate $100-bn target for bilateral trade by 2030, Pg7

Key Highlights:

• India and Russia reaffirmed their commitment to increase bilateral trade to $100 billion by 2030.
• The current bilateral trade stands at $70 billion.
• Discussions included boosting settlements using domestic currencies, with 96% of commercial deals already in national currencies.
• The India-Eurasian Economic Union trade deal is being pushed for faster conclusion.

Detailed Insights:

• Putin's visit occurred amidst increased US tariffs on India and sanctions on Russian oil companies, impacting Russian oil exports to India.
• Both nations are focused on expanding India's exports to Russia, strengthening industrial cooperation, and forging new technological and investment partnerships.
• Key elements for meeting the trade target include addressing tariff and non-tariff trade barriers, resolving logistics bottlenecks, and ensuring smooth payment mechanisms.
• Joint development of bilateral settlement systems using national currencies will continue to ensure uninterrupted bilateral trade.
• Consultations are ongoing to enable interoperability of national payment systems, financial messaging systems, and central bank digital currency platforms.

Key Concepts Involved:

• Bilateral Trade: Trade between two countries.
• Tariff Barriers: Taxes or duties imposed on imports or exports.
• Non-Tariff Barriers: Trade barriers that restrict imports or exports through measures other than tariffs.