Russia prepared to export more vegetable oil, wheat, other agricultural products to India - ministry
MOSCOW. Nov 13 (Interfax) - Trade in agricultural products between Russia and India grew by more than 50% in the first nine months of 2024, and Russia is prepared to increase exports of vegetable oil, animal products, including fish, as well as wheat and grain legumes to the Indian market, the Russian Agriculture Ministry said following Deputy Agriculture Minister Maxim Titov's participation in the plenary meeting of the Russian-Indian intergovernmental committee in New Delhi.
Cooperation between Russia and India has reached a qualitatively new level in virtually all areas of agribusiness, but there is still potential to further increase mutual trade, he said.
"The development and strengthening of bilateral relations are being facilitated by cooperation between veterinary and phytosanitary oversight services. For example, Russian feed for fish farming and pets began to enter the Indian market in 2024," Titov said.
In addition to expanding the assortment of exports, there is potential for scientific and technical cooperation, including in the area of breeding and seed production, the ministry said. Russia is also prepared to develop cooperation in the area of agricultural education, including through exchanges of students and educators.
The ministry's Agroexport Center reported earlier that Russian agricultural exports to India grew by 250% over three years to more than $1 billion in 2023. The main exports were sunflower and soybean oils, lentils and peas. Exports of sunflower oil almost doubled by volume, while soybean oil exports tripled.
The center estimated the potential for Russian agricultural exports to India by 2030 at more than $2 billion. Agroexport worked with experts and businesses to develop a concept for "increasing the competitiveness of Russia's agribusiness sector on the Indian market" to realize available opportunities.