India and Russia have initiated steps to remove the
hindrances and boost commerce.
Both nations have signed an agreement in the area of customs
and moving to liberalize business visas.
The bilateral trade during the last year was just $9.51
The two countries have fixed a target of $30 billion to be
achieved by 2025.
An agreement reached very recently on customs which provides
for rapid clearances of imported goods at the land and sea ports.
The two countries also recently concluded an agreement on
setting up a Joint Study Group that will recommend contours of a Free Trade
Agreement between India and the Eurasian Economic Union comprising Russia,
Kazakhstan, Belarus and Armenia.
The Study Group will identify the goods with preferential
access, which will help promote trade.
The two countries are also very close to an agreement on
dairy exports from India to Russia.
Indian companies are looking at investments in Russia,
particularly in the fertiliser, coal and pharmaceutical sectors.
On the Russian side, the country's Investment Fund is keen
to invest in India, including in hi-tech projects.
Russian Railways has also expressed interest in working with
its counterpart in India on upgradation and modernisation, particularly in the
areas of high-speed trains and electronic security systems.
The US and other countries of the West which have imposed
sanctions on Russia over the Ukraine crisis.
The west imposed sanctions on Moscow after Crimea joined
Russia in March 2014.
The standoff between them have been escalated because of
Russia's role in the conflict in Ukraine.