Pharmexcil, the Pharmaceuticals Export Promotion Council of India, is set to resume discussions with Russia’s SBER Bank in New Delhi by the end of June 2024. This meeting aims to tackle challenges faced by exporters and address issues related to the Rupee-Rouble trade arrangement, crucial for trade between India and Russia.
Pharmexcil is urging its member exporters to actively participate by sharing their experiences and suggestions regarding the Rupee-Rouble trade. Their input will play a vital role in shaping the discussions with SBER Bank, ensuring that exporter concerns are heard and resolved.
Raja Bhanu, executive director of Pharmexcil, emphasized the goal of finding practical solutions to operational and regulatory challenges. Member exporters are encouraged to provide feedback through the Rupee-Rouble Trade Feedback Form to help make the engagement with SBER Bank productive.
Recently, Pharmexcil’s Director General, Udaya Bhaskar, met with Ivan Nosov, CEO of SBER Bank, focusing on enhancing the Rupee-Rouble trade mechanism. Bhaskar also participated in the St. Petersburg International Economic Forum, discussing Indo-Russian economic relations with key stakeholders.
The upcoming meeting will address operational challenges such as transaction processing, currency conversion, and regulatory compliance. It will also explore improvements in logistics, financial instruments, market access, and overcoming barriers in the Russian market. Pharmexcil aims to strengthen economic ties between India and Russia through these initiatives.