{"id":238650,"date":"2023-04-19T19:43:42","date_gmt":"2023-04-19T14:13:42","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=238650"},"modified":"2023-04-19T19:43:42","modified_gmt":"2023-04-19T14:13:42","slug":"india-russia-agree-to-deepen-trade-and-economic-relations","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/india-russia-agree-to-deepen-trade-and-economic-relations\/","title":{"rendered":"India, Russia agree to deepen trade and economic relations"},"content":{"rendered":"\n

Source: <\/b>The post is based on the article <\/span>\u201cIndia, Russia agree to deepen trade and economic relations\u201d <\/b>published in <\/span>Business Standard <\/b>on 19th April 2023<\/b><\/p>\n

What is the News?<\/b><\/h2>\n

India-Russia Intergovernmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation(IRIGC-TEC) meeting was recently held.<\/span><\/p>\n

What is IRIGC-TEC?<\/b><\/h2>\n

India-Russia Intergovernmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation (IRIGC-TEC) is the apex G2G forum for bilateral economic cooperation.\u00a0<\/span><\/p>\n

It is chaired by the External Affairs Minister from the Indian side and Deputy Prime Minister from the Russian side.\u00a0<\/span><\/p>\n

What are the key highlights from the meeting?<\/b><\/h2>\n

\"\"<\/p>\n

Rising Trade deficit: <\/b>The rising dependence on discounted crude oil has resulted in India\u2019s trade deficit with Russia hitting the second-highest place in 2022 after China.<\/span><\/p>\n

\u2013 During 2022-23, India\u2019s maximum trade deficit was with China at $71.58 billion. This was followed by Russia, where the deficit expanded sevenfold \u2014 from $4.86 billion in FY22 to $34.79 billion in FY23.<\/span><\/p>\n

Oil imports from Russia<\/b>: India\u2019s imports from Russia have more than quadrupled to $46.33 billion over the last fiscal year, mainly through oil.<\/span><\/p>\n

\u2013 Russia, traditionally India\u2019s top source of military hardware, displaced Iraq last month to become India\u2019s top supplier of crude oil.\u00a0<\/span><\/p>\n

India-Russia FTA:<\/b> India and Russia are discussing a free trade agreement (FTA). This could deepen bilateral commercial ties that have flourished since the war broke out in Ukraine.<\/span><\/p>\n

F<\/b>ree trade pact with Eurasian Economic Union (EAEU):<\/b> India\u2019s External Affairs Minister has said that a free trade agreement (FTA) with EAEU \u2014 comprising five member states of Russia, Belarus, Kazakhstan, Kyrgyzstan, and Armenia will certainly deepen the bilateral commercial relationship between India and Russia.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Source: The post is based on the article \u201cIndia, Russia agree to deepen trade and economic relations\u201d published in Business Standard on 19th April 2023 What is the News? India-Russia Intergovernmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation(IRIGC-TEC) meeting was recently held. What is IRIGC-TEC? India-Russia Intergovernmental Commission on Trade, Economic, Scientific, Technological… Continue reading India, Russia agree to deepen trade and economic relations<\/span><\/a><\/p>\n","protected":false},"author":10317,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1566,164,9],"tags":[10503],"class_list":["post-238650","post","type-post","status-publish","format-standard","hentry","category-daily-factly-articles","category-international-relations-daily-factly-articles","category-public","tag-business-standard","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":1700809059,"cached_date":1703780176},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/238650","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10317"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=238650"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/238650\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=238650"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=238650"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=238650"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}