Russia is currently reviewing India’s formal request to broaden the list of Indian suppliers for buffalo meat, seafood, and other livestock products. This development is part of ongoing discussions to facilitate mutual access to agricultural products, according to Russian Trade Commissioner Alexander Rybas.
The two countries have been engaged in long-term negotiations regarding the mutual opening of markets for crop and animal husbandry products, with some notable progress. In January 2023, both countries’ regulatory authorities agreed on veterinary certificates for the export of sheep wool, leather raw materials, and animal feed from Russia to India.
This year, the aim is to further expand mutual access for various agricultural products. Specifically, Russia is considering India’s application to increase the number of Indian suppliers for buffalo meat, seafood, aquaculture, and other livestock items. Additionally, negotiations are ongoing between major Russian importers and Indian producers of tropical canned fruit, such as mango, pineapple, and avocado.
Furthermore, India and the Eurasian Economic Union are planning to resume discussions on a Free Trade Agreement (FTA). While the exact timeline for concluding the agreement remains uncertain, both sides acknowledge the substantial benefits such an FTA would bring to the Eurasian Economic Union and India, potentially leading to future collaborative projects. Businesses in the Eurasian Economic Union countries are supportive of preferential trade arrangements.
India has also expressed interest in participating in the development of the Northern Sea Route (NSR), a project that could serve as an alternative transportation route for goods to Asian markets. This initiative is seen as an extension of the Chennai-Vladivostok sea route, and the NSR could become a vital means of transporting goods to Asian markets in the future. To assess the economic feasibility and long-term prospects of the NSR, India has requested an evaluation of transport costs compared to alternative routes. Moreover, an Indian delegation visited several ports in Russia, further strengthening economic ties between the two nations.
In terms of engineering goods, Russia is actively pursuing import substitution, particularly as many Western companies have withdrawn from its market. This presents opportunities for increased Indian imports and investments. Russia is equipped to provide the necessary technologies, equipment, and expertise to support India’s infrastructure projects, including those related to roads, railways, ports, and airports.
