Bilateral trade between India and Russia will reach USD 10 billion mark by 2010, posting a jump of about USD 6 billion from the present level, a Russian official has said.
"Bilateral trade between India and Russia will touch the mark of 10 billion dollars by 2010 on the back of efforts being made by both the countries towards consolidating trade," Russian Deputy Trade Commissioner E A Korshunov said.
Throwing light on the present volume of trade between the two countries, Korshunov, who was here to participate in a seminar, said last year the total trade stood at USD 3.9 billion, comprising India's exports at USD 900 million and imports at USD 3 billion.
He said there were a number of items which India could export to Russia like machine tools, software, tea, textile products etc.
As per the data provided by Engineering Export Promotion Council (EEPC), India has been importing heavily from Russia over the past few years.
The total import from Russia has grown to USD 3 billion in 2006 from a meager USD 623.18 million in 1999-2000, while the total export has dipped to USD 900 million from USD 947.92 million in 1999-2000.
However, the engineering goods export from India to Russia has grown to USD 86.8 million in 2005-06 from USD 34.25 million in 2003-04, as per EEPC report.
The major engineering goods items exported include mica, ferro alloys, iron and steel bar, machine tools etc.