Urgent measures needed to reduce trade imbalances with Russia: Jaishankar
S Jaishankar on Monday called for «urgent» measures to address the issue of widening trade deficit between India and Russia. While India's exports to Russia stood at only USD 2.24 billion in April-August this fiscal, imports soared to USD 27.35 billion during the period. The trade deficit is aggregated at USD 25.11 billion.
The high trade deficit is mainly on account crude imports.
Russia emerged as India's biggest supplier of crude oil, which is converted into fuels like petrol and diesel in refineries, after Russian oil was available on discount following some European nations shunning purchases from Moscow over its invasion of Ukraine in February 2022.
Addressing the India-Russia Business Forum here, Jaishankar also pitched for removal of non-tariff barriers and regulatory impediments to help improve the trade balance with Russia.
«The balance of trade needs urgent redressal since it is so one-sided. It is imperative that non-tariff barriers and regulatory impediments are speedily addressed for this to happen,» he said.
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