Features of development of trade and economic relations of India and Russia

Abstract

The development and strengthening of trade and economic relations between India and Russia is one of the emerging trends of the modern system of world economic relations. Indo-Russian cooperation is characterized by common interests for the implementation of mutual operations and accomplishing long-term goals.India remains one of the key trading partners of Russia. As of 2017, India is on the 16th place among Russian trading partners and Russia takes the 31st position among foreign trade partners of India. The article assesses the development of trade and economic relations between India and Russia at the modern stage, analyzes the structure of their export-import relations. It is concluded that due to the active foreign economic policy of both countries, positive dynamics of the commodity turnover for the last years is exhibited as well as more appropriate proportionsin the export and import pattern areset in. Trade and economic relations are constantly strengthening, different programmes of co-partnership between these countries are carried out, cooperationof production is developing. Cooperation in the spheres of nuclear power, ferrous and nonferrous metallurgy, production of medical equipment, measuring and optical devices, facilitiesfor oil and gas industry is expanding.Various Indo-Russian agreements are concluded, particularly which are focused on the long-term outlook. What is more, in the futurethere is the possibility of creating a free trade area between EAEU and India as well as theestablishing of anIndo-Russian roadmap. A key element in the development of foreign trade between these countries is to encourage the supply of certain goods. Bilateral agreements on cooperation in various spheres are endorsed. So, India while carrying out a policy of import substitution in some areas takes interest to participate in the implementation of Russian programme in the pharmaceutical field, computer and information services, nuclear power. At the modern stage external economic co-partnershipbetween two countriesis strengthening. In order to improve the bilateral partnership many programmes on improvement of external economic relations of Statesare developed and approved.