Trade was one of the main topics of talks during the visit of Indian Prime Minister Narendra Modi to Moscow – reports Reuters. At the same time, the results of the cooperation so far were revealed. It turns out that India increased the import of Russian agricultural products by as much as 22 times, and increased the import of fertilizers by three times.
Peas, lentils and fertilizers
The increase in agricultural imports was mainly due to increased purchases of peas, which India abolished last year. customs duties, and a three-fold increase in lentil imports. At the beginning of this year, Russia also supplied a third of India's fertilizer imports.
Modi thanked Putin for supporting Indian farmers with stable supplies of fertilizers, Reuters reports.
-Thanks to our friendship, we managed to solve the difficulties of Indian farmers. We met all their fertilizer needs. This is the special role of our friendship, Modi told Putin during a meeting in the Kremlin.
India and Russia have set a common target of $100 billion in bilateral trade by 2030, up from $65 billion currently. In a joint statement after the talks, both countries also committed to easing existing phytosanitary and veterinary barriers.
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Import instead of self-sufficiency
India, with a 22-fold increase in imports, is not the only Asian country that is so dependent on Russia, notes Latifundist. Indonesia has increased its purchases from the Russian Federation eightfold, and Tunisia has tripled. It is worth noting that the Indian government recently announced a policy of food self-sufficiency and limiting imports.
According to data from the Russian Ministry of Agriculture, in the first quarter of 2024, the Russian Federation was the fourth largest exporter of agricultural products to India. Data published by the Russian Agricultural Supervision Authority show that in the 2023/24 marketing season, Russia exported as much as 89.3 million tons of cereals and grain products – 21% more than in the previous season.
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