According to Foreign Secretary Vinay Kwatra, India and Russia set for themselves a target of achieving bilateral trade of USD 100 billion by 2030. This was in the backdrop of the meeting between Prime Minister Narendra Modi and Russian President Vladimir Putin, in which both reaffirmed that it is necessary to amplify economic relations in areas such as trade, investment, energy, technology, and defense.
In the financial year ending March 2024, trade between India and Russia touched $65.7 billion—up 33% over the previous year. He mentioned now development of 'Make in India' and creating manufacturing partnerships as part of their bilateral priorities.
It was pitched by Prime Minister Mr. Modi that diversification of the trade basket, especially in the case of agricultural and industrial products of India, should be allowed more market access. The progress on a free trade agreement with the Eurasian Economic Union was also discussed; initial talks have started and are likely to gain momentum in the coming months.
The leader inked nine agreements mostly on economic cooperation. There was also the Chennai-Vladivostok Eastern Maritime Corridor, slated to bind the two nations and emphasize connectivity and trade enhancement. Another key area was agriculture, where negotiations were conducted on fertilizer supply in Russia to India for crop production enhancement and augmenting agricultural yields.
On nuclear energy, both sides reaffirmed their commitment to carrying forward the existing cooperation on low-cost nuclear electricity in India. Earlier, Prime Minister Modi was conferred with Russia's highest civilian award, the Order of St. Andrew the Apostle the First-Called—the first of all, marking the deepening bilateral relationship and mutual respect between India and Russia.
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