As per Indian figures, bilateral trade during April 2020-March 2021 amounted USD 8.1 billion. Indian exports amounted USD 2.6 billion while imports from Russia amounted USD 5.48 billion. For the same period, as per Russian figures, bilateral trade amounted to USD 9.31 billion, with Indian exports amounting to USD 3.48 billion and imports amounting to USD 5.83 billion. (www.indianembassy-moscow.gov.in)

Russia has started showing interest in imports of items such as #medicalequipment,  #pharmaceuticals,  #chemicals,  #industrialequipment, #garments, #furniture and #jewellery under bilateral trade between both the countries.

This move along with the discussion from Russian banks with Indian lenders to facilitate #export #import (#bilateraltrade) in respective local currencies, bypassing the established trade mechanism tied to the US dollar by creating a mechanism of reference exchange-rate framework between the rupee and the rouble.

Along with the inclusion of The RBI, on July 11, allowing invoicing and payments for international trade in rupees, facilitating greater bilateral business with Russia is a boost for exporters to explore new markets.
Needs to be seen how things will shape up.

#business #RBI #tradefinance #invoicing #markets