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Trade with Russia to touch $ 10 bn by 2010
11
Feb '08
India-Russia trade can cross the targeted US$ 10 billion by 2010 and further increase to US$ 20 billion by 2015, if trade irritants and procedural hassles are resolved.

These trade-inhibiting factors relate to issues such as credit risk, high ECGC coverage cost, insurance cover, Russian ban on farm items import, registration time for pharma products and investments safeguards, a FICCI Survey on obstacles to trade with Russia reveals.

The FICCI Survey among Indian business houses having business interests in Russia, conducted on the eve of the visit of Russian Premier to India, reveals that the payment system involving the letter of credit is highly ineffectual in the case of business dealings with Russia.

Indian exporters say that in the absence of letters of credit they have to negotiate with their counterparts directly. In such cases Russian importers are asked to pay an advance payment upfront with the remaining amount being paid after the execution of the export order.

In the past, Indian exporters have faced problems in receiving the balance payments from their Russian counterparts.

It is therefore suggested that the government should encourage Indian banks to negotiate with the Russian banks on developing a coherent system involving LCs.

Strengthening the system wherein the Indian banks discount LCs issued by Russian banks would greatly mitigate the credit risk involved in transactions / export dealings with the Russian Federation.

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