In a significant development aimed at bolstering bilateral trade, Russia has expressed its readiness to ramp up fertilizer exports to India. This move comes after positive discussions with Indian counterparts regarding potential import tariff reductions.
Dmitry Volvach, Russian Deputy Minister of Economic Development, highlighted the strategic importance of this partnership during the 15th India-Russia Business Dialog. He underscored the growing demand for high-quality, competitively priced Russian fertilizers and the potential for substantial Fertilizer exports growth.
Both nations have set an ambitious target of increasing bilateral trade to a staggering $100 billion to strengthen economic ties further. With a robust 15% year-on-year growth in trade during the first nine months of 2023, this goal appears increasingly attainable.
This strategic alliance between India and Russia promises to enhance agricultural productivity in India and reinforce the growing economic interdependence between the two nations.
