Published: September 21, 2024 10:44 am
Author: RT
The two countries are working to increase trade in agriculture and food products, officials have told RT
The Russian government is working to remove non-tariff barriers currently hindering imports of agricultural products and food items from India, officials in New Delhi have told RT.
Speaking on the sidelines of the World Food Moscow trade fair this week, top officials from the Agricultural and Processed Food Products Export Development Authority (APEDA), an apex body under the Indian Ministry of Commerce, said the Russian market offers opportunities for Indian exporters across a wide range of categories, including whole grains, pulses, millets, processed foods, spices, and fruits.
The two countries are now working to resolve issues related to food sanitation norms and logistics to boost trade.
“There is a lot of scope in the Russian market for agriculture and food exports. Presently, the Russian government is supporting India by facilitating market access for Indian companies,” an APEDA representative stated. “India is a reliable, quality-assured supplier across the world with all necessary quality controls. The country’s food processing sector has also emerged significantly.”
He stressed that Indian agriculture is an important domain for both New Delhi and Moscow as they seek to expand and diversify trade, which recorded over $65 billion last financial year, largely due to India’s increased purchases of oil from Russia. Earlier this year, the two countries raised their bilateral trade target to $100 billion by 2030.
India ranks eighth globally in agricultural exports with a 2.35% share, recording around $48.76 billion in agricultural exports in 2023-24, primarily to the US, China, UAE, and others, according to APEDA. However, India’s exports to Russia amounted to $340.07 million, with guar gum, non-basmati rice, buffalo meat, and various processed foods topping the list.
APEDA is organising its participation in World #Food Moscow, being held from 17 to 20 September 2024 in Moscow, #Russia. #APEDA India pavilion was inaugurated by Mr Vinod Gaikwad, First Secretary, Eco and Com, Embassy of #India, #Moscow. pic.twitter.com/ovxaBzs47i
— APEDA (@APEDADOC) September 19, 2024
Officials noted significant potential to enhance trade between India and Russia, highlighting the increased contacts between Indian importers and Russian buyers, facilitated by government bodies through exhibitions and special presentations of key Indian export items.
India is the second-largest fruit producer, renowned for mangoes, which are processed into various products, alongside emerging exports of seedless grapes. Indian pulses and snacks have gained global popularity, particularly due to improvements in the packaging industry and quality controls, with processed food exports valued at approximately $7.70 billion in fiscal year 2023-24. Basmati rice exports reached about $5.84 billion, APEDA reported.
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The officials said India seeks investments from Russia in the food processing sector, highlighting government incentives available for both domestic and foreign players. New Delhi and Moscow are also discussing initiatives such as building warehouses near Russia’s largest ports to store high-demand Indian products, providing Russian buyers greater access while reducing costs and time, officials noted, without providing further details.
