Local currency trade, exports, FTA will boost India-Russia commerce: GTRI

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Steps such as increasing exports, making local currency trading workable and a free trade agreement with the Eurasian Economic Union will help boost trade between India and Russia, think tank GTRI said on Thursday.

India should not worry over the trade deficit, as it is getting crude petroleum oil at cheaper than market rates from Russia and it is also cutting India's overall oil import bill, the Global Trade Research Initiative (GTRI) said.

Since the Ukraine war began in February 2022 and the US imposed sanctions on Russia, the trade relationship between India and Russia has shifted significantly.

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Category: BusinessFinance

Markets: IndiaArmeniaAzerbaijanBelarusKazakhstanKyrgyzstanMalaysiaUkraine

Topics: Import export India Russia trade Local currency trade India Russia relation

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-18 @ 14:06:56 (9 hours ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 729 words

Reading Time: 5 minutes read

Sentences: 26 lines

Sentence Length: 29 words per sentence (average)

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Copyright Owner: © Business Standard

News ID: 21672233

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