Russia has offered India full market access in response to recent U.S. tariffs, a significant step to bolster India-Russia trade. In 2023, bilateral trade reached $66.1 billion, with Russia exporting $66.1 billion—mainly crude petroleum ($48.6 billion) and refined petroleum ($4.93 billion)—while India exported $4.05 billion, including packaged medicaments ($340 million) and stainless steel ($218 million). A key detail is that India became Russia’s second-largest oil export market in 2023, importing over 1.67 million barrels per day, highlighting energy’s role in their trade. Russia’s exports to India have grown 57.9% annually since 2018, while India’s exports rose at 5.08%.
This offer could help India expand exports like pharmaceuticals and engineering goods, balancing trade and countering U.S. tariff effects. Both countries aim for $100 billion in trade by 2030, aided by potential free trade deals and local currency transactions. This could diversify India’s export markets and deepen ties with Russia.
By BHARAT GLOBAL TIME
