PM Modi, President Putin agree to ramp up India-Russia trade till 2030

NEW DELHI — India and Russia have agreed on an economic cooperation programme aimed at expanding trade till 2030, Prime Minister Narendra Modi said on Friday at a press conference along with Russian President Vladimir Putin.

"We are trying for an early conclusion of the FTA with the Eurasian Economic Union. India and Russia have agreed on an economic cooperation program to expand trade till 2030," PM Modi said after talks with President Putin.

Both countries are working towards ambitious targets set by their leaders of achieving $50 billion in mutual investments by 2025 and $100 billion in annual bilateral trade by 2030.

The two leaders witnessed the signing of multiple agreements between India and Russia, across sectors ranging from fertilisers to food safety and shipping.

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Russia has also assured India of uninterrupted fuel supplies as part of the strategy to bolster bilateral ties, President Putin said. "We are ready to continue uninterrupted shipments of fuel for the growing Indian economy."

Indian firms signed a deal with Russia’s URALCHEM to set up a urea plant in Russia, marking a significant step in bilateral industrial cooperation.

During the meeting, both leaders adopted a programme for the development of strategic areas of India-Russia economic cooperation till 2030. They reviewed progress in bilateral relations and exchanged views on regional and global issues of mutual interest

MoUs were also signed in areas including food safety, training and operations of ships, medical sciences, and consumer protection. The agreements involved organisations such as the FSSAI, Russia’s consumer protection body, and companies in the chemicals and fertilisers sector.

The Prime Minister mentioned that both countries will cooperate closely on urea production.

Following the discussions, India and Russia also inked an MoU for cooperation in the port and shipping sector, further strengthening ties in maritime logistics.

In a broader multilateral development, Russia agreed to join the framework agreement to participate in the International Big Cat Alliance, being spearheaded by India.

Addressing the joint press meet, PM Modi said that President Putin’s visit has come at a time when bilateral relations are reaching many historic milestones. He said that in the last ten years, the world has seen many ups and downs, and in the midst of all this, India-Russia ties have stood the test of time.

He highlighted that nearly twenty-five years ago, President Putin laid the foundation of the India-Russia strategic partnership.