India still remains Russia’s major foreign trade partner: Vladimir Putin

Written by | October 13, 2016 | 0

Moscow: Though in 2015 trade between the two countries dropped by 7.8 percent, India still remains Russia’s major foreign trade partner and the negative trend could be overcome soon, Russian President Vladimir Putin said in an exclusive interview.

“India has been and remains Russia’s major foreign trade partner. Even though in 2015 trade between the countries dropped by 7.8 percent, together with our Indian partners, we are resolved to overcome the negative trend, which, in our opinion, is largely associated with volatility on the global markets and in exchange rates,” Putin.

The Russian President made assertion in response to emailed questions sent jointly by IANS and the Russian Sputnik news agency, ahead of his visit to India for the five-nation BRICS Summit in Goa this weekend. Putin said the commercial exchanges are mutually beneficial between the two countries and their structure shows the complementarity.

‘Chemicals and engineering products account for a considerable share of Russia’s exports and the exports from your country.” Putin said: “The energy sector plays an important role in trade and economic cooperation between Russia and India. Construction of the Kudankulam NPP is the largest long-term project.

In August 2016, Prime Minister Narendra Modi and I took part in a ceremony dedicated to the handover of the first unit of the Kudankulam NPP to the Republic of India.” “The second unit will be put into operation in the near future. Operation of the first and second units at their rated capacity will significantly increase the energy supply in India and strengthen its energy security.” He said the two countries were also strengthening bilateral cooperation in the conventional energy sector.

During the St Petersburg International Economic Forum held in June 2016, Rosneft and an Indian consortium signed a contract for the sale of 23.9 per cent of shares in Vankorneft, which owns the Vankor field in the Krasnoyarsk region.

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