BRICS cooperation offers dual leverage for Russia and India
Russian Minister of Economic Development Maxim Reshetnikov said that business volume has increased fivefold in the last five years. In his interview with Hindustan Times, Reshetnikov touched upon important areas such as trade, investment, technology transfer and tourism. The leader also announced the organization's main goals for the next year, including new opportunities within the BRICS framework and further discussions on the use of the dollar.
India is one of our important partners. The stock market has increased fivefold in the last five years. In 2023, India rose to second place, accounting for 8% of Russia's total foreign trade. Our cooperation is developing well within the framework of our Minister's agreement. Putin and Mr. We are looking forward to Modi and Mr. Modi. Modi's visit was aimed at strengthening the relationship between the two countries and exploring new areas for mutual understanding.
Russia's exports to India include agricultural and food products, aviation and technology products. Indian mining companies purchase our excavators, draglines and equipment frequently used in construction and repair. We hope that passenger transport in India will soon use Russian-made rolling stock.
India's rapidly growing economy provides the basis for deep and diverse cooperation. Imports from India will rise steadily in 2023, with machinery, automobiles, pharmaceuticals, steel, food and other products expected to increase by more than US$1 billion.
Therefore, there is a significant opportunity to expand Russian exports to India, especially in the areas of chemical products, fertilizers, energy, railway engineering, metallurgical products, wood products and agricultural products. More investment and expanding products could spur the growth of bilateral trade.
Negotiations regarding a new investment agreement are currently ongoing. We also want to negotiate a free trade agreement between the two sides that includes trade in services and investment protection. This agreement could improve trade and facilitate investment negotiations to better protect investments between the two sides.
