India, Russia to promote trade in local currencies

India, Russia to promote trade in local currencies

India, Russia to promote trade in local currencies

New Delhi :
India and Russia expressed their support to promoting bilateral trade in national currencies and pledged to increase economic cooperation through joint ventures in different sectors. The two sides also noted that the two-way investment will increase to USD 30 billion by 2025.
Efforts would be made to further increase and diversify the trade, a joint statement issued after the 19th India-Russia annual summit between Prime Minister Narendra Modi and and Russian President Vladimir Putin said while observing that bilateral trade in 2017 increased by more than 20 per cent.
“The (two) sides expressed their support to promoting bilateral trade in national currencies,” the statement said. India and Russia, it added, “reviewed the progress on the achievement of the goal to increase two-way investment to USD 30 billion by the year 2025 and noted with satisfaction that both countries were on the way to achieving this target.”
Both the countries agreed to explore opportunities for joint collaboration in sectors like precious metal, minerals, natural resources and forest produce, the statement said.

Ranjini Trinitymirror

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