Prime Minister Narendra Modi and Russian President Vladimir Putin discussed expanding bilateral trade from about $65 billion to $100 billion by 2030.
The two leaders also reviewed cooperation in defence, energy, infrastructure, technology, industrial development and market access for Indian exporters.
Highlights
- India and Russia aim to raise bilateral trade to $100 billion by 2030.
- Current bilateral trade is around $65 billion.
- Modi and Putin reviewed cooperation in defence, energy, infrastructure and technology.
- India sought better market access for its exports to Russia.
- The two sides discussed industrial cooperation, railways, tunnelling and the steel value chain.
- Talks on a possible India-EAEU trade agreement are also moving forward.
Story
India and Russia are looking to significantly expand their economic partnership, with Prime Minister Narendra Modi and Russian President Vladimir Putin discussing a target of $100 billion in bilateral trade by 2030.
The two leaders met in New Delhi on the sidelines of the BRICS Summit and reviewed cooperation across trade, investment, defence, energy, technology and industrial sectors. Bilateral trade currently stands at around $65 billion, and both sides are seeking new opportunities to increase two-way commerce.
Modi said the discussions included implementation of the “Programme for Economic Cooperation 2030”, along with stronger engagement in infrastructure, energy, technology, defence and cultural cooperation.
A major focus of the talks was the trade imbalance between the two countries. India has been seeking greater access for Indian products in the Russian market, while Moscow has indicated that it will work towards reducing trade barriers.
The two sides also discussed expanding industrial cooperation in areas such as railways, tunnelling and the steel value chain. Greater participation of Indian companies in the Russian market and stronger business-to-business engagement are expected to support the broader trade target.
Energy remains a key pillar of India-Russia economic ties, with India importing substantial quantities of Russian energy and fertilisers. Defence cooperation also continues to remain an important part of the bilateral relationship.
The leaders reviewed ongoing defence projects and cooperation. Russia has also indicated that discussions are continuing on upgrades to the BrahMos missile system, remaining S-400 deliveries and other defence platforms.
India and Russia are additionally working to advance negotiations on a possible trade agreement between India and the Eurasian Economic Union, or EAEU. Such an agreement could help reduce tariffs and open new opportunities for Indian exporters across the wider Eurasian region.
The two leaders also visited Innoprom India, a Russian industrial exhibition being held in India, highlighting the growing focus on manufacturing and industrial partnerships.
Putin has invited Modi to attend the next India-Russia annual summit, which could take place later this year.
