According to Russia’s Federal Customs Service, the trade turnover between Russia and India has been hovering between $8 billion and $10 billion over the past several years. Machines and equipment, mineral commodities, oil and oil refining products, precious stones and metals account for the bulk of Russian exports,” Vice President of the Russian Chamber of Commerce and Industry Vladimir Padalko told TASS.

ALSO ON RT.COMRussia & India seek to boost trade, switch to national currenciesHe said that the leaders of Russia and India have set a reasonable task of bringing the trade turnover between the two countries to $30 billion, and mutual investments to $15 billion by 2025.”

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Padalko added that the expansion of Russia’s exports to India is possible by increasing supplies of energy, transport, metals and mining equipment, oil, gas, coal, agriculture equipment, ferrous and non-ferrous metals, timber and newsprint, chemical products and fertilizers, and so on.

ALSO ON RT.COMIndia suggests setting up special economic zone for Russian companiesIn October, during his official two-day visit to India, Russian President Vladimir Putin said the expansion of trade and investment interactions is a priority for both nations.

New Delhi had earlier suggested setting up a special economic zone for Russian companies. The two countries also discussed creating a ‘green corridor’ for the smooth transit of goods. They want to create a list of entrepreneurs or companies whose goods will be exempt from regular customs inspections.