Explore CIS countries to boost exports: PHDCCI

At a time when India's exports are declining, exporters should explore the CIS markets, particularly Russia to boost shipments, industry chamber PHDCCI said today.
"There is enough scope to enhance our exports towards CIS countries of which Russia is a good opportunity at this juncture," PHD Chamber President Mahesh Gupta said in a statement here.
He said that though India and Russia have eventually given new dimensions to bilateral relations in the development of defence and energy, the current level of bilateral trade at around USD 6 billion is not consistent with the potential trade trajectory.
"Even though the bilateral relations between the two nations have widened their basket, yet India is not among Russia's key trade partners," he said.

According to the chamber, India's share in Russia's total trade is 1.2 per cent as compared with 49 per cent of EU. Russia's share in India's trade is meager 0.8 per cent as compared with 12 per cent of EU.
"There is an enormous untapped potential in bilateral trade between the two nations and especially in the food items - meat, fruits, vegetables, dairy products and tea among others," he added.
Further India also has huge potential to enhance its exports of tea in Russia where already it has significant presence.