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India and Russia will Benefit From Trading in National Currencies

23.09.2014 17:13

Transition to national currencies, the rupee and ruble, in trade between India and Russia will significantly increase bilateral trade, P.S. Ragahvan, the Indian Ambassador to Moscow said on Tuesday.

Besides the transition to national currencies, the ambassador proposed another two elements that could "have a huge impact on trade between the two countries." The second and the third elements are discussions between customs authorities and the active use of the North South Corridor, going "from ports in India to ports in Iran, up by the overland route and then into Russia, either across the Caspian Sea or through Azerbaijan." According to the ambassador, this could reduce "the total length traversed by goods between India and Russia by half."