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Our Bureau

New Delhi, Jan. 17

Imports from Russia into India for 2005-06 stood at $ 2.02 billion compared to $0.52 billion in 1994-95, according to the Confederation of Indian Industry. In 2006, the two nations jointly decided to achieve the target of $10 billion as bilateral trade flows by 2010.

The CII analysis shows a reversal of roles between the two sides since 2002-03, when India became a net importer of goods from Russia. Interestingly, Indian exports to Russia in 2005-06 at $0.74 billion were less than the level 1994-95 of $0.85 billion, according to the chamber.

Despite political will on both sides to increase the bilateral flow of goods and services, non-tariff barriers continue to plague bilateral trade flows.

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