Prime Minister Narendra Modi attended the 22nd annual bilateral summit held in Moscow, Russia where both country’s leaders convened to explore avenues for enhanced cooperation. A significant milestone in this effort was the establishment of a new bilateral trade target between India and Russia of reaching US$100 billion by 2030.
India and Russia have set a new bilateral trade target of US$100 billion by 2030, marking a significant move to strengthen economic ties. The decision was announced during bilateral talks between Indian Prime Minister Narendra Modi and Russian President Vladimir Putin at the 22nd annual summit in Moscow. Foreign Secretary Vinay Kwatra revealed the ambitious goal at the end of the talks, highlighting the substantial increase from the previous target of US$30 billion by 2025. Bilateral trade between the two countries hit a record high of US$65.70 billion in the financial year 2023-24.
India’s Exports, Imports, Trade Balance and Total Trade with Russia in US$ Bn
Prime Minister Modi’s official visit to Moscow focused primarily on enhancing economic engagement, with a particular emphasis on projects aimed at boosting manufacturing and self-reliance in India. Key initiatives discussed included the Chennai-Vladivostok Eastern Corridor, designed to improve connectivity and trade between the two nations.
Top 5 Exports to Russia by value (US$ Mn)
Both countries aim to eliminate tariff and non-tariff barriers for key products. The talks also addressed critical areas such as the supply of fertilizers from Russia to India which declined by 32% YoY in March 2024, vital for Indian agriculture and food security. Efforts have focused on boosting bilateral trade in agricultural products, food, and addressing veterinary and sanitary barriers. Discussions also touched on advancing the India-Eurasian Economic Union Trade and Goods Agreement to facilitate trade with Russia and neighboring countries with a focus on growth of key products.
The strategic partnership between India and Russia, also spanning defense, energy, and technology sectors, underscores their evolving relationship with a renewed focus on economic and commercial interests. Future collaborations in emerging fields like digital technologies, cybersecurity, and renewable energy are expected to further strengthen bilateral ties.
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