Anupam Mishra has urged BRICS countries to harmonise value-added tax (VAT) rates to stimulate mutual trade.
Mishra, a member of the Indian Business Council and a businessman in the agricultural wholesale trade sector, said this to TV BRICS, a partner of News Agency of Nigeria (NAN)?
BRICS countries should consider how to improve trade within the group.
“Why shouldn’t the major countries agree, for example, on a VAT rate of 15 per cent instead of 22? A solution needs to be found at the government level,” the businessman noted.
According to Mishra, enhancing trade connections among the member states of the group could create new opportunities for the agricultural sector.
In particular, India produces more than 90 varieties of mango, as well as high-quality guava and saffron.
However, these products are not yet sufficiently represented on the Russian market.
He cited basmati rice as an example of Indian agricultural produce that has gained acceptance in Russia, where it has been supplied for several years.
“Basmati rice is currently gaining popularity. I believe India accounts for around 68 per cent of global production of this crop.
“Its largest buyer is Saudi Arabia,” he said.
Edited by Halima Sheji
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