India and Russia are in talks to overcome regulatory hurdles faced by traders from both countries, aiming to reduce trade barriers and improve business ties between the two countries, said Alexey Valeryevich Valkov, director of the St. Petersburg International Economic Forum (SPIEF), often dubbed as ‘Russian Davos’ said in an interview.
Russia has emerged as India’s fifth-biggest trading partner, from 25th rank during FY22, driven by India’s growing appetite for cheaper Russian crude following the Ukraine war. India’s exports, led by engineering goods and drugs, to Russia, also reached pre-war levels to reach $337.58 million in February.
During the SPIEF talks, a lot of Indian companies participated, which have huge volume and potential, and they want to explore and enter the Russian market, but they are not aware of the laws and technicalities, and both countries are working to resolve these issues, Valkov said.
“This time is a unique opportunity to do business in Russia as a lot of US and European companies have either stopped their operation or have left the country. This has created a vacant space which Indian companies can occupy,” Valkov said.
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Updated: 23 Apr 2023, 10:10 PM IST
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