bilateral trade Current Affairs - 2020

India, Russia sign customs pact to boost trade

India and Russia have signed a customs and liberalize business visas agreement to boost trade between both countries to remove the hindrances and boost commerce.

This pact will help to rapid clearances of imported goods at the land and sea ports and addresses the issues related to the non-tariff barriers. Both countries also have fixed a target of US 30 billion dollars to be achieved by 2025.

This agreement will play important role proposed International North-South freight corridor (INSTC) for trade from India to Russia to central Asia through Iran.

Presently, bilateral trade between both nations is extremely low and it was just 9.51 billion dollars. In Ufa, Russia prior to BRICS ministerial meeting Prime Minister Narendra Modi and his Russian counterpart President Vladimir Putin had discussed ways to increase bilateral trade.

Both countries also had reached an agreement on setting up a Joint Study Group which will recommend contours of a Free Trade Agreement (FTA) between India and Eurasian Economic Union (EEU) comprising Russia, Kazakhstan, Belarus and Armenia.

India-Bahrain commit for bilateral trade

Indian External Affairs Minister Mrs. Sushma Swaraj has revamped India and Bahrain’s strategic ties and trade relations. She was in Bahrain for a 2-day visit. She met the Bahrain King Hamad, PM Khalifa bin Salman Al Khalifa and the foreign minister Shaikh Khalid bin Ahmed Al Khalifa in Manama organised by Overseas Indian Facilitation Center (OIFC). Bahrain is inhabited by 350000 Indian nationals, who work there and contribute to the development of the country.
Bahrain foreign minister Shaikh Khalid bin Ahmed Al Khalifa laid great emphasis on these new beginnings between the two nations by joining hands with the participation of businessmen and investors from both the sides to promote economic relations and provide investment opportunities. This trade between the India and Bahrain has crossed $1.3 billion in 2013-14 and as per the speculations will cross $1.7 billion soon. The Indian exports which largely consist of chemicals, compounds of precious metals, boilers, electronics etc.have gone up by 80% recently.
India’s major non-oil exports include chemicals, compounds of precious metals, boilers, electrical and electronic machinery and vehicles with spare parts.
The visit reiterates India’s commitment towards progressing on many fronts together and move from typical buyer-seller relationship model to one where both are partners in progress and are able to contribute tremendously in each-other’s growth. Bahrain’s membership in GCC can also boost India’s trade sector as its products can be introduced abroad.