2 hrs ago
India, Russia Fast-Track Investment Treaty, Set $100 Billion Trade Target
India and Russia want to do much more business with each other.
Their trade is currently worth about $60 billion.
They want to raise it to $100 billion by 2030.
They also want investments moving in both directions to reach $50 billion.
The countries are speeding up a new agreement to protect investors and give businesses clearer rules.
They are also working toward a trade agreement involving Russia’s economic union.
India wants to sell more medicines, engineering goods, food, textiles and vehicle parts to Russia.
Both sides are being asked to solve problems involving payments, standards, logistics, visas and approvals.
India and Russia are fast-tracking a bilateral investment treaty to provide legal certainty for investors in both countries.
The countries aim to conclude an India-led and Russia-led free trade agreement with the Eurasian Economic Union.
Piyush Goyal set targets of $100 billion in bilateral trade and $50 billion in two-way investment by 2030, up from current trade of about $60 billion.
India identified pharmaceuticals, engineering goods, chemicals, textiles, food, marine products and auto components as major export opportunities.
The bilateral investment mechanism is tracking 40 projects across manufacturing, energy, mining, railways and emerging technologies.
- Who
- India and Russia, represented at the business dialogue by Commerce and Industry Minister Piyush Goyal and Russian Minister of Industry and Trade Anton Alikhanov.
- What
- The countries are accelerating negotiations for a bilateral investment treaty, pursuing a Eurasian Economic Union free trade agreement and setting expanded trade and investment targets.
- Where
- At the India-Russia Business Dialogue in Delhi.
- When
- The targets are for 2030; the announcements were made on Thursday.
- Why
- To provide legal certainty for investors, reduce payment and trade barriers, diversify commerce beyond energy and increase bilateral trade and investment.
Key facts
- Current bilateral trade
- About $60 billion
- 2030 trade target
- $100 billion
- 2030 investment target
- $50 billion in two-way investment
- Investment treaty
- Negotiations are being fast-tracked to provide legal certainty for investors
- EAEU agreement
- India and Russia are committed to concluding an India-led and Russia-led free trade agreement with the Eurasian Economic Union
- Live investment projects
- 40 projects are being tracked across advanced manufacturing, energy, mining, railways and emerging technologies
- Connectivity projects
- The International North-South Transport Corridor and Chennai-Vladivostok maritime corridor were highlighted
Quotes
Piyush Goyal
India's Commerce and Industry Minister
“We (India-Russia) are fast-tracking a new bilateral investment treaty to give investors on both sides the legal certainty that projects and businesses look for when they are finalising investment decisions.”
telegraphindia.com
“We continue to strengthen local currency settlement mechanisms, because payment friction, more often than tariffs, is what slows trade down on the ground.”
telegraphindia.com
Sources
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