The Indian foreign ministry announced on Tuesday that India and Russia would resolve trade deficit and market access issues after Russian imports quadrupled during the Ukraine crisis.
On Monday in New Delhi, the Russian trade minister said India and its largest armaments supplier are considering a free trade pact to boost commerce.
India has advocated for dialogue and not publicly opposed Russia’s February 2022 invasion of Ukraine, which Moscow calls a “special military operation.”
A source said India bought $51.3 billion of Russian commodities, principally oil, between February 24 and April 5.
Denis Manturov met India’s foreign and finance ministers on Tuesday, a week after the Ukrainian deputy foreign minister’s visit.
“Discussed cooperation in the areas of trade, finance, industry, energy sector, including nuclear power, agriculture, transport, healthcare, education and culture,” the Russian embassy tweeted after meeting with the Indian foreign minister.
Due to Western sanctions, Russia considered importing over 500 Indian products for vehicles, aircraft, and trains in November, according to Reuters.
India handed Moscow a Russian product list in December.
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