India and Russia Forge Economic Cooperation Program to Boost Trade to $100 Billion by 2030

The leaders of India and Russia witnessed the signing of several bilateral agreements during their meeting.

New Delhi:

Prime Minister Narendra Modi announced on Friday that India and Russia have established an economic cooperation program designed to enhance trade between the two nations until 2030. This statement was made during a joint press conference with Russian President Vladimir Putin.

"We are actively pursuing the swift conclusion of a Free Trade Agreement with the Eurasian Economic Union. India and Russia have formalized an economic cooperation program to boost trade through 2030," Prime Minister Modi stated following discussions with President Putin.

The two countries are working diligently toward ambitious objectives set by their leadership, aiming to achieve $50 billion in mutual investments by 2025 and increase annual bilateral trade to $100 billion by 2030.

During the meeting, the leaders observed the signing of multiple bilateral agreements spanning various sectors including fertilizers, food safety, and shipping.

President Putin assured India of continuous fuel supply as part of efforts to strengthen bilateral relations. "We are committed to maintaining uninterrupted fuel deliveries to support India's growing economy," he stated.

Indian companies signed an agreement with Russia's URALCHEM to establish a urea production facility in Russia, marking an important development in industrial cooperation between the two nations.

The leaders adopted a comprehensive program for developing strategic areas of India-Russia economic partnership through 2030. They evaluated progress in bilateral relations and exchanged perspectives on regional and global issues of mutual concern.

Memoranda of Understanding were also signed in fields such as food safety, maritime training and operations, medical sciences, and consumer protection. These agreements involved organizations including FSSAI, Russia's consumer protection agency, and various companies in the chemicals and fertilizers sector.

Prime Minister Modi highlighted that both nations will collaborate closely on urea production.

Following their talks, India and Russia signed an MoU for cooperation in port and shipping sectors, further enhancing their partnership in maritime logistics.

In a significant multilateral development, Russia agreed to join the framework agreement to participate in the International Big Cat Alliance, an initiative led by India.

During the joint press conference, PM Modi noted that President Putin's visit coincides with bilateral relations reaching numerous historic milestones. He remarked that over the past decade, despite global fluctuations, India-Russia relations have remained resilient.

The Prime Minister emphasized that nearly twenty-five years ago, President Putin established the foundation for the India-Russia strategic partnership.