India Imports From Russia And Ukraine 2021-22

India Imports From Russia And Ukraine 2021-22: Anupriya Patel, Minister of State in the Ministry of Commerce and Industry, presented information on Russia’s and Ukraine’s exports/ imports in a written reply to the Lok Sabha today.

The effects of the conflict on Russia’s and Ukraine’s exports/imports cannot be determined until the situation stabilises. The following table summarises the value of Russian and Ukrainian exports and imports:

Note: Value in USD Million

India Russia Economic Relations and its Imports and Trade

India and Russia had an objective of expanding bilateral investment to $50 billion and bilateral trade to $30 billion by 2025. According to Indian figures, bilateral trade was USD 8.1 billion from April 2020 to March 2021. India exported USD 2.6 billion and imported USD 5.48 billion from Russia.

According to Russian statistics, bilateral trade was USD 9.31 billion during the same time, with India exporting USD 3.48 billion and importing USD 5.83 billion.

As a result of the 19th Bilateral Summit’s resolution, the India-Russia Strategic Economic Dialogue (IRSED) was created to facilitate collaboration in the area of economic policy formulation and to promote regular exchanges and cooperation between the two nations. The India Russia Intergovernmental Commission for Trade, Economic, Scientific & Cultural Cooperation (IRIGC-TEC) has held 23 meetings to date (2022), whereas the IRSED has held three sessions.

India is also considering a free trade agreement/ comprehensive economic cooperation agreement with the Eurasian Economic Union. The Eurasian Economic Union is a significant rising economic block, and India is eager to strengthen its ties with Russia and the Commonwealth of Independent States in order to further expand its trade and economic cooperation with this region.

In 2021, Prime Minister Narendra Modi addressed the 6th Eastern Economic Forum’s Plenary session in Vladivostok via video message in the presence of President Vladimir Putin. His message was favourably welcomed by the Russian side, and President Putin emphasised the Prime Minister’s concept of ‘Sangam’ as a development tool for the region’s countries.

Earlier, between 04 and 06 September 2019, the Prime Minister travelled to Vladivostok as the Chief Guest of the 5th Eastern Economic Forum. The visit coincided with the 20th Indo-Russian Annual Summit, during which 50 agreements were inked, including 15 at the government level and 35 on business and trade subjects.

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Source: PIB