MoS Magherita to visit Moscow to strengthen India-Russia economic ties

New Delhi, Sep 29 (IANS) Union Minister of State for Textiles and External Affairs Pabitra Margherita is scheduled to undertake an official visit to Moscow from October 1to 3 to strengthen bilateral ties in trade and industry between India and Russia, according to an official statement on Monday.

During the visit, the minister will hold a bilateral meeting with the officials of the Russian Ministry of Industry & Trade, as well as with the Russian Union of Entrepreneurs of the Textile and Apparel Industry. These engagements will provide an opportunity to strengthen bilateral cooperation in trade, industry, and textile sectors, and explore avenues for enhancing collaboration between Indian and Russian businesses, the statement said.

Margherita will also inaugurate the "Best of India – Indian Apparel and Textile Fair" in Moscow, being held from October 1 to 3. The exclusive exhibition and buyer-seller meet will serve as a strategic gateway for Indian exporters to expand their presence in Russia and CIS markets.

Over 100 Indian companies are expected to participate, showcasing products ranging from handloom and handicrafts to home furnishings, carpets, linens, apples, and garments. The fair will attract around 1,000 domestic and international buyers, providing Indian businesses a direct engagement platform with leading importers, wholesalers, and retailers from Russia. The fair is being presented by the Handloom Export Promotion Council (HEPC), the statement said.

The visit underscores India’s commitment to strengthening trade and cultural ties with Russia, and highlights the growing role of Indian textiles and apparel in global markets. These engagements will bolster bilateral trade, encourage market diversification, and enhance people-to-people linkages between the two countries, the statement added.

Russia is a significant market for textile products, representing a $14 billion market with a substantial demand for manmade fibre textiles, which is an area where India could increase its exports. A rupee-rouble payment system is being worked out so that the local currencies of the two countries can be used to promote bilateral trade transactions, which will bypass the US dollar.

--IANS

sps/vd