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FICCI delegation to Russia
PTI - New Delhi
FICCI will take a 30-member trade delegation to Russia
this month as part of its efforts to give an impetus to bilateral trade. The
three-day visit beginning November 11 would coincide with the prime minister’s
visit to Moscow and has been aptly timed as the rupee-ruble trade between India
and Russia comes to end next year, the Federation of Indian Chambers of Commerce
and Industry (FICCI) secretary general Mr Amit Mitra said.
The rupee-rouble trade is an arrangement between the
two countries wherein India pays its debt to Russia by way of exports of goods
and services which are permissible under the exim policy. Asked to quantify
the estimated increase in bilateral trade, he said, “If trade with China
can touch US$ 5 billion in the first eight months of this fiscal from US$ 3
billion in 2001, Indo-Russian trade can jump manifold.”
“At present, the biggest impediment was the rupee-rouble
trade which would come to an end next year. Once the rupee-rouble trade gets
converted into a free foreign exchange one, it would give an immense boost to
India’s trade with Russia,” Mr Mitra opined.
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