India, Russia discussing free trade agreement
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00:00 On a mission to deepen bilateral ties, it's the goal of Russian and Indian diplomats as
00:05 they meet in New Delhi.
00:09 We are discussing an agreement with India for free trade between the countries and also
00:14 mutual investment protection in both countries.
00:17 I'm sure that this kind of mechanism that guarantees the protection of investments will
00:21 be very beneficial for both sides.
00:23 We are also very interested in a quality increase in trade and cooperation.
00:31 It's the latest sign of cooperation between the two countries.
00:34 For decades India has imported military equipment from Russia.
00:38 Last month Russia overtook Iraq to become India's top supplier of crude oil.
00:43 And in November, Moscow was reportedly looking to import more than 500 products including
00:48 cars, aircraft and trains from the South Asian country.
00:53 These are sectors in Russia that have been hard hit by Western sanctions.
00:57 While most countries have denounced the Kremlin for its invasion of Ukraine, New Delhi has
01:01 stopped short of condemning Moscow, calling instead for a peaceful resolution to the war.
01:07 In fact, economic ties between the two countries have grown since the start of the conflict.
01:12 Indian imports from Russia almost quadrupled to $46.3 billion in the year to March 31st.
01:19 Boosting trade with Asian allies like India and China is part of Moscow's strategy to
01:24 cushion the blow of Western sanctions.