Modi Seeks Closer Fertilizer Ties with Russia to Ensure Food Security in India
13 July 2024, New Delhi: In a recent visit to Moscow, Indian Prime Minister Narendra Modi discussed the importance of stable fertilizer supplies for Indian farmers with Russian authorities. During the talks, a leading Russian fertilizer producer, Phosagro, has called on India to drop its 5% import duty for Russian producers to ensure continued supply.
Phosagro, Russia’s largest fertilizer maker, noted that its exports to India grew six-fold in 2022 alone, following Western sanctions. India, the world’s second-biggest fertilizer importer, sourced a quarter of all its imported fertilizer from Russia in 2023.
“We are ready to boost fertilizer supplies further, but our capacity is limited by existing trade barriers, which raise the cost of our products for our Indian customers,” Phosagro said in a statement.
The company suggested that one way to remove the duty for Russian producers would be to create a free trade zone between India and the Eurasian Economic Union, which comprises Russia and four other former Soviet states.
During the talks in Moscow, Russia and India agreed to continue cooperation in the field of sustainable fertilizer supplies to India, based on long-term contracts between companies. Prime Minister Modi thanked Russian President Vladimir Putin for supporting Indian farmers with stable supplies of fertilizers. The two countries also set a bilateral trade target of $100 billion by 2030, up from the current $65 billion.
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