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dated November 18, 1958: Indo-Soviet trade

The Soviet Union and India concluded a new five-year trade agreement in Moscow under which both countries undertake “to increase the volume of trade with each other to a maximum level on the basis of equality and mutual advantage,” Tass reported on November 16. The agreement provides for each side extending most-favoured nation treatment to the other as well as for the establishment of a clearing system under which payments will be made in Indian rupees without conversion into pounds sterling or any other currency. This, Tass said, corresponds to the striving of both countries for balanced trading which does not involve the spending of foreign currencies.

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