Russia and India are interested in expanding their mutual trade in national currencies, said Alexei Likhachev, first deputy head of the Ministry of Economic Development, answering to a question put forward by “Sputnik” correspondent Natalya Benyukh.
Viewpoints of the parties on this issue were discussed during the meeting of the Russian-Indian intergovernmental commission, held in Moscow on the 20th of October. This problem needs to be resolved urgently — stressed A. Likhachev. The use of national currencies will not depend on currency fluctuations and will increase the volume of bilateral trade. This is much more comfortable for entrepreneurs and reduces the transaction costs.
However, so far only a small percentage in the mutual trade is being carried out on this basis. Earlier, in an interview with "Sputnik", Indian ambassador P. S. Raghavan stated of India's interest in expanding the use of national currencies in trade with Russia.
By the year 2025, bilateral trade between Russia and India is expected to reach 30 billion dollars and mutual investment to 15 billion dollars, said Deputy Prime Minister Dmitry Rogozin, at the meeting of the Russian-Indian intergovernmental commission.
Russia, noted the Deputy Prime Minister — is ready to assist India in developing its nuclear energy, upgrading of thermal power plants, metallurgical and machine-building companies, exploration and production of minerals, construction of gas pipelines, power lines, railroad infrastructure, in the aviation sphere and helicopter production, in the peaceful use of outer space development, in building modern means of communication, in the creation of "smart cities", in the construction of industrial facilities, in the creation of modern systems for desalination and for water purification and training of qualified personnel.
Head of the Indian delegation in the inter-governmental commission, India's Minister for Foreign Affairs Sushma Swaraj, in her speech stressed that Russia, for decades, has been successfully cooperating with India in developing its economy.
"Russia occupies a special part in the heart of every Indian. The strength of our unique strategic partnership with Russia withstood a test of time. I am confident that this special bond that India and Russia share will strengthen every year as we deepen our cooperation and expand it and develop to new avenues and options. India and Russia are natural partners in the legacy of excellent cooperation in key sectors such as nuclear energy, defense and space. However Russia can be an even bigger partner in India's development process as a source of technology, machinery, equipment and knowhow", she said.
Sushma Swaraj said that India attaches great importance in developing cooperation with the Eurasian Economic Community (EAEC), which will help the expansion of trade with Russia.
An increase in the mutual trade turnover will be enabled by the establishment of the international transport corridor "North-South", said the Indian minister. — India has been putting in countless efforts, and has conducted a series of activities aimed at the speedy development of this route. Sushma Swaraj expressed her gratitude to Russia for its active participation in the creation of corridors and in meeting their obligations.
One important step, said the minister — will be the upcoming meeting of representatives of the customs services of member-countries of the corridor. It is scheduled for November and will be held in Astrakhan.
Sushma Swaraj thanked the Russian side for the invitation to participate in an international industrial exhibition of 2016 — "Innoprom" in Ekaterinburg and to become a major partner of Russia in conducting it.
Russian Ambassador to India — Alexander Kadakin summarized priorities for further cooperation between Russia and India, following the meeting of the intergovernmental commission. These are — cooperation between the two countries in nuclear energy, military-technical sphere, conventional energy, information technology, — said the Russian ambassador in an interview with "Sputnik".
This meeting of the intergovernmental commission was held on the eve of the scheduled December visit of Prime Minister Narendra Modi to Russia and the high-level Russian-Indian summit.