India and Russia plan to increase trade to $100 billion in five years

India and Russia plan to increase their annual trade turnover by 50% and bring it to $100 billion over the next five years. This was stated by Indian Foreign Minister Subramanyam Jaishankar during his visit to Moscow, writes Bloomberg.

According to Jaishankar, countries should remove trade barriers and simplify customs regulations to achieve this goal.

Currently, Russia is India's fourth largest trading partner, and India is Russia's second largest partner.

Jaishankar emphasized that this cooperation is especially important amid global instability and trade conflicts.

Administration Donald Trump introduced 25% duty on Indian goods and is threatening to raise it to 50%, which could make the country's exports to the US uncompetitive.

India continues to buy Russian oil at discounted prices, explaining that it is necessary to curb domestic inflation.

• After the US President imposed 50% duties on India, the country began to call for a boycott of American goods.
• India announces additional 25% duty on Russian oil unfair, unreasonable and irrational and promised to protect its interests.