Russia had risen considerably in recent years, reaching nearly $4 billion last year topping $1 billion in the first quarter of this year. Russia included telephones, computers, electronic accessories, garment and textile, footwear, seafood, coffee, cashew, rice, vegetables and fruits, while it imported petroleum pro
Russia had risen considerably in recent years, reaching nearly $4 billion last year topping $1 billion in the first quarter of this year.
Russia included telephones, computers, electronic accessories, garment and textile, footwear, seafood, coffee, cashew, rice, vegetables and fruits, while it imported petroleum products and gas and iron and steel.
But despite the healthy trade growth, it remained well below potential, only accounting for 1% and 0.5% respectively of the total trade Russia.
"With the complementary features of the two economies coupled with efforts made by both sides, trade and investment relations between the two countries are expected to grow strongly in the coming years."
Deputy Minister of Industry and Trade of Russia Viktor Evtukhov said currently Customs Union of Russia, Belarus and Kazakhstan were negotiating a free trade agreement.
Once the FTA is signed, it is expected to open up great opportunities to enhance bilateral investment and trade ties, according to the Russian official. The two governments have set a target of $7 billion worth of trade by 2015 and $10 billion by 2020.