India and Russia are looking to raise bilateral trade to $100 billion by 2030, balance the lopsided trade, eliminate non-tariff trade barriers, and explore the possibility of a Eurasian Economic Union (EAEU)-India Free Trade Area.
India’s bilateral trade with Russia stood at $65.6 billion in FY24, up 33 per cent year-on-year, and nearly 5.5 times higher than the pre-pandemic trade of $10.1 billion. The bilateral trade has increased especially since 2022 with Indian fuel importers snapping up discounted Russian crude despite repeated criticism by Western nations.
I'd expect most of whatever starts out on the "standard route" to end up in those nearer EU countries. That's just from a naive trade theory perspective, though.
This won't be forever. Russia and India are planning a train+road route to Oran and from there goods will be shipped to Mumbai port. (See the red line)
It is very difficult for us Europeans and Americans to admit that the growth of the future could take place in this area if we do not return to market economy principles and open markets. But it is happening before our eyes and it will happen without the dollar and without the euro.
I think that this conciliation of both countries is good and will generate gains and benefits for both economies... with a view to a not too distant future because we are talking about results in less than 10 years... so it is something quite ambitious and that I'm sure it will be successful 👍
I imagine bilateral trade is primarily air cargo between India and Russia. There's a lot of unfriendly geography in between.
This one is the route for most trades and for smaller and lightier air cargo is used.
https://m.stacker.news/38909
There is also a proposed sea route between the ports of Chennai and Vladivostok.
yes yes, whoever controls the bottlenecks controls world trade (Houthies...)
Comeon! Houthies are there for Americans and Europeans!! 😜
I don't think these bottlenecks can impact the trade between India and Russia. They'll be played like ants if they will!
I meant it in that sense
I'd expect most of whatever starts out on the "standard route" to end up in those nearer EU countries. That's just from a naive trade theory perspective, though.
This won't be forever. Russia and India are planning a train+road route to Oran and from there goods will be shipped to Mumbai port. (See the red line)
Thanks! You saved me a lot of time!!
This may be India on the naughty list by the USA and other European countries. This could further the creation of a multipolar world.
Being the third or fourth strongest country, India has been playing it all safe. I don't see India takes side of NATO or Russia until forced to do so.
It is very difficult for us Europeans and Americans to admit that the growth of the future could take place in this area if we do not return to market economy principles and open markets. But it is happening before our eyes and it will happen without the dollar and without the euro.
The Europeans and Americans are running backwards. This is the problem.
they still use $ (dollars) I thought russia going to make dollar killer ?
Yes, they sure do. They need to. However they are trying hard to remove their dependency on $$$
Both India and Russia can Negotiate and implement trade agreements that facilitate smoother trade relations and reduce barriers
I think that this conciliation of both countries is good and will generate gains and benefits for both economies... with a view to a not too distant future because we are talking about results in less than 10 years... so it is something quite ambitious and that I'm sure it will be successful 👍