India and Russia have set a target to elevate their bilateral trade to $100 billion annually by 2030. This ambitious goal was established during a recent summit between Prime Minister Narendra Modi and Russian President Vladimir Putin, marking Modi’s first visit to Russia since the Ukraine conflict began. The talks centered on enhancing economic cooperation, particularly in the energy and manufacturing sectors.
Foreign Secretary Vinay Kwatra highlighted that the discussions focused on broadening the trade basket, improving market access for Indian goods in Russia, and increasing fertilizer supplies from Russia to support Indian agriculture. Modi emphasized the need to balance trade and remove non-tariff barriers to facilitate smoother transactions.
The summit resulted in nine agreements aimed at expanding cooperation across multiple areas. Key agreements include the development of a bilateral payment system using national currencies and the introduction of digital financial instruments for transactions. Additionally, both nations agreed to advance their energy collaboration, with a focus on nuclear energy, oil refining, and petrochemicals.
The leaders also discussed moving forward with a Free Trade Agreement (FTA) between India and the Eurasian Economic Union (EAEU). Negotiations for this FTA are expected to be expedited, and talks are underway for a bilateral FTA covering services and investments. The joint statement underscored the importance of robust energy trade and exploring new contracts for coal exports from Russia to India.
Source: Deccan Herald