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Russia and India intend to expand trade in national currencies

21.10.15

On October 20, 2015 the First Deputy Minister of Economic Development Alexey Likhachev participated in the 21st meeting of the Russian-Indian Inter-governmental commission.

The Russian delegation was headed by the Deputy Prime Minister of Russia Dmitry Rogozin, Indian - the Minister of Foreign Affairs of India Sushma Svaradzh.

Participants discussed matters of bilateral trade, economic, scientific, technical and cultural cooperation, with the issues of cooperation in the sphere of energy, including nuclear one, progress in investment interaction, achievements in the fields of education and culture.

At the same time it was noted that India and Russia will actively develop the potential of their cooperation in different areas of economy that by 2025 to bring the volume of mutual commodity turnover to 30 billion dollars, and mutual investments to the level of 15 billion dollars.

According to Alexey Likhachev, Russia and India would like to expand trade in national currencies, however banking systems aren't ready to be connected to this process actively yet. Nevertheless, use of national currencies would allow to expand trade volumes as it takes away the parties from currency fluctuations. "It is much more comfortable for businessmen, considerably reduces transaction costs, cuts down expenses", - Alexey Likhachev noted.

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