Maxim Oreshkin invites Indian Minister of Commerce and Industry Suresh Prabhu to attend SPIEF 2018
Russia’s Minister of Economic Development Maxim Oreshkin led negotiations with Suresh Prabhu, India’s Minister of Commerce and Industry.
Their discussion revolved around current issues in Russian–Indian trade, economic, and investment cooperation that fall under the purview of their respective ministries.
It was stressed that growth in the overall volume of trade would facilitate a large-scale increase in agricultural trade. According to Maxim Oreshkin, Russia is one of the leading exporters of wheat, while India imports this product in large quantities. He further stated that Russia would increase exports of sunflower, soya, and rapeseed oil, which account for a significant share of India’s imports.
The ministers believe that the expansion of cooperation in agriculture could enable a bilateral working group on agricultural cooperation to be created as part of the Intergovernmental Commission.
The ministers discussed removing restrictions and barriers to trade, and economic and investment cooperation. Maxim Oreshkin drew attention to the fact that India applies more protective measures to Russian goods than any of Russia’s other trade partners, and proposed establishing a regular bilateral consultation mechanism to lift these restrictions and barriers.
The two economic ministers also discussed the prospects for developing a free trade agreement between the Eurasian Economic Union and the Republic of India and for holding consultations on this issue.
During the meeting, the Russian Minister of Economic Development Maxim Oreshkin invited his Indian counterpart to attend the St. Petersburg International Economic Forum in 2018.
The ministers also agreed to organize a bilateral roundtable on the development of interregional cooperation during SPIEF in May 2018.
Source: http://economy.gov.ru/en
