The emerging economies Russia and India, are interested in increasing cooperation, which could result in a greater trade turnover and wider use of ruble and rupee in exchange.
Russia and India already ditched the US dollar in defense deals. In recent years, bilateral trade has gained steady growth rate. Russian Deputy Prime Minister Yury Borisov hope that they will be able to reach the target level of $30 billion in the coming years.
Borisov noted that $30 billion is still a modest figure compared to a $100 billion trade with China, which should be reached this year. India and Russia enjoy a special and privileged strategic partnership.”
“The expansion of settlements in national currencies is planned. Today, the share of settlements in rubles for exports is 20%, and for imports, about 21%,”
This partnership has strengthened over time and covers a vast agenda involving almost all spheres of human activity. India attaches the highest importance to its relations with Russia”
India is one of the largest buyers of Russian arms, with $65 billion in deals signed over the whole cooperation, and the country will buy $4 billion of Russian arms this year.
The countries are also promoting tourism in both directions, and discussing the possibilities of working together on projects in other countries.
RT.com / ABC Flash Point Trade News 2018.