11:05 GMT +321 November 2019
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    Russia, India Approve Mechanism for Trade Barrier Elimination

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    NEW DELHI (Sputnik) - Russia and India have approved the creation of a mechanism that will eliminate existing limits and barriers in bilateral trade, Russian Deputy Economic Development Minister Alexey Gruzdev told reporters on Sunday.

    Gruzdev summed up the conclusions of the meeting of the co-chairs of the Indo-Russian intergovernmental commission on trade, economic, scientific, technological and cultural cooperation, that was held in New Delhi on Saturday.

    "All in all, one of the priorities of our further dialogue on the intergovernmental level should become the enlargement of trade and economic cooperation. The creation of a mechanism for the identification, analysis and the elimination of barriers in the bilateral trade has been approved," Gruzdev said.

    ​Earlier in the day, Gruzdev said that the bilateral trade between Russia and India amounted to $7.3 billion in the first 10 months of the year, which is an increase of 19 percent compared to the same period in 2016.

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