New Delhi, Sep 29 (NationPress) The Union Minister of State for Textiles and External Affairs, Pabitra Margherita, is set to embark on an official trip to Moscow from October 1 to 3 to enhance bilateral relations in trade and industry between India and Russia, as stated in an official announcement on Monday.

During her visit, the minister will engage in a bilateral conference with officials from the Russian Ministry of Industry & Trade and the Russian Union of Entrepreneurs of the Textile and Apparel Industry. These discussions aim to fortify bilateral collaboration in the trade, industry, and textile sectors, while also identifying new opportunities for cooperation between Indian and Russian businesses, the announcement elaborated.

Margherita is also slated to inaugurate the “Best of India – Indian Apparel and Textile Fair” in Moscow, which will run from October 1 to 3. This exclusive exhibition and buyer-seller interaction is expected to act as a strategic platform for Indian exporters to broaden their market reach in Russia and the CIS region.

Over 100 Indian companies are anticipated to participate, showcasing a diverse array of products including handloom, handicrafts, home furnishings, carpets, linens, apples, and garments. The fair is expected to attract around 1,000 domestic and international buyers, allowing Indian businesses to connect directly with leading importers, wholesalers, and retailers from Russia. The event is organized by the Handloom Export Promotion Council (HEPC), as per the statement.

This trip highlights India's dedication to enhancing trade and cultural connections with Russia, while showcasing the increasing significance of Indian textiles and apparel in global markets. These interactions are expected to boost bilateral commerce, promote market diversification, and strengthen people-to-people ties between the two nations, the announcement further indicated.

Russia represents a crucial market for textile goods, with a market size of $14 billion and a significant need for manmade fiber textiles, an area where India could enhance its exports. A rupee-rouble payment system is being developed to facilitate trade transactions using the local currencies of both nations, allowing them to bypass the US dollar.