Putin said at a press conference in New Delhi after a meeting with Indian Prime Minister Narendra Modi that trade volume increased by another 12% last year, setting a new record, Anadolu Agency reported.
“The statistics differ slightly, but overall it amounts to around $64 billion to $65 billion. We expect trading volumes to remain at about the same level this year. However, it seems possible to move this indicator closer to the $100 billion level,” he said.
To achieve this goal, the Russia-India Economic Cooperation Program until 2030 has been harmonized and defined benchmarks for intergovernmental organizations to promote trade, advance joint projects, and strengthen technical and investment cooperation, he explained.
He said Moscow and New Delhi are also working on a free trade zone agreement between India and the Eurasian Economic Union.
Putin said Moscow stands ready to continue ensuring uninterrupted fuel supplies to India as Washington imposes 50% tariffs on Indian imports, in part due to India’s purchases of Russian crude oil amid the conflict in Ukraine.
Meanwhile, Russia and India have consistently moved toward using their own currencies for mutual payments to avoid the dollar being used as a political tool, he added.
President Putin noted that the share of rubles and rupees in bilateral payments has increased to 96%.
MNA