India raises export concerns before Russia

Anand Sharma at a India-Russia bilateral meeting with Russian minister Ms E. Nabiullina, in New Delhi on March 27, 2012.

Top Stories

»	49% Indian startups now from tier 2, 3 cities: Jitendra Singh
»	'India ranks 3rd in global startup ecosystem & number of unicorns'
»	Tripura exported over 9K tonnes of pineapples in 2 years
»	CPI inflation eases to 6.71% in July, IIP falls to 12.3%
»	Rupee depreciates 12 paise to close at 79.64 against US dollar

SME Times News Bureau | 28 Mar, 2012
Ahead of the fourth BRICS summit in New Delhi on Thursday, Union Minister for Commerce & Industry and Textiles Anand Sharma Tuesday raised a number of export related issues before Minister of Economic Development of Russian Federation Ms E. Nabiullina, and discussed ways to bilateral trade between the countries.

In a meeting with the Russian minister, Sharma pushed for JV between Indian pharma companies and the Russian companies, and also raised the issue of high duty on Indian tea and dilution of India GI on Assam, Darjeeling and Nilgiri Teas.

Sharma added that India hopes to tap huge Russian market and neighboring countries where Russia has favourable terms of business. The issue found positive response from Ms Nabiullina who said, "It is possible to take the trade, excluding defence, 1.5 times higher in coming years and JVs are good idea. Pharma sector is a good example where we can cooperate."

Russian side is to provide list of 500 drugs (mostly generic and strategic) of which 75% is imported by Russia and also information on volume of production is required in respect of certain number of strategically identified medicines.

Sharma also asked the Russian side to push for an early conclusion of Long Term Supply Agreement between ALROSA Co. Ltd. (ALROSA) and thereby providing an enabling mechanism for participation of companies like MMTC and HDCPL in sale of diamond.

He added that a mechanism for sale of diamonds by Gokhran, Russian Govt. depository of precious metals may be institutionalized. The Russian Minister assured to look into the matter.

At the meeting, it was also noted that Indo-Russian bilateral trade is far below existing trade potential and there is need for cooperation to increase bilateral trade. There is concern over unfavourable trade balance. Indian exports to Russia need both greater access and a stronger push for enhancement, keeping in view the huge adverse trade balance.

After the meeting, Sharma said that meeting assumes further importance as Russia is attending BRICS for the first time after accession to WTO. "Our meeting is important as we are meeting before the BRICS trade Minister meeting and the Summit but also before the forthcoming G-20 meeting," he said.