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India-Russia bilateral trade crossed $11 billion in 2012

Background

India-Russia bilateral trade, which stood at $7.46 billion in 2009, $8.53 billion in 2010, and $8.87 billion in 2011, has spurted to $11.04 billion in 2012, registering a 24.5% growth in 2012 compared to 2011.

The Ambassador of India to the Russian Federation, H.E. Mr Ajai Malhotra, stated: “There has been substantial growth in India-Russia bilateral trade from $8.87 billion in 2011 to $11.04 billion in 2012. In percentage growth terms, India’s performance in 2012, vis-a-vis 2011, was the very best out of all of Russia’s top 25 trading partners. In bilateral trade volume terms, India has moved up five places in the list of Russia’s top trading partners – rising from 23rd in 2011 to 18th in 2012. All this is particularly creditable when viewed against the backdrop of the present world economic situation, the modest 1.8% growth in Russia’s world trade and lack of growth in India’s world trade during 2012.”

“We have taken fresh initiatives in 2013 to further exploit complementarities in sectors such as fertilizers, which is Russia’s foremost export to India, and pharmaceuticals, which is India’s number one export to Russia. Just last week we set up a “Pharmaceuticals Coordination Group” at the Embassy to serve as a platform for pursuing common interests of Indian pharma companies in Russia. We will continue to reach out to the regions of Russia and enhance exposure to each other’s latest achievements and capabilities, so that we are not guided by old stereotypes. We will also actively encourage Russian companies to be more responsive to business opportunities in India, and vice versa”, Ambassador Malhotra added.

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