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19 Nov 2024
New Delhi: India and Russia have launched an initiative to develop strategic economic cooperation, aiming to reach a bilateral trade target of $100 billion by 2030, following the 22nd annual summit between Prime Minister Narendra Modi and President Vladimir Putin in Moscow.
Nine MoUs were signed across various sectors, including one to boost trade and joint investment in Russia's Far East. This move is part of a broader strategy to increase Indian investments in the resource-rich region.
The joint statement emphasized the introduction of digital financial tools, exploring new long-term crude supply contracts, and increasing trade via the INSTC, Northern Sea Route, and Vladivostok-Chennai corridor.
Both countries discussed building stable transport corridors and developing production and marketing chains in Eurasia, which could counterbalance Chinese initiatives in the region.
India and Russia agreed to enhance cooperation in Arctic shipping through the Northern Sea Route, establishing a joint working group within the IRIGC-TEC, and India expressed interest in collaborating with Rosatom in the Arctic.
The two nations also planned to develop a bilateral settlement system using national currencies and digital financial instruments, addressing the challenge posed by the ban on Russia's use of SWIFT.
Discussions included the potential use of RuPay cards in Russia and MiR cards in India. The agreement covered increasing trade in agricultural products and cooperation in key energy sectors, including nuclear energy.
They also discussed increasing the supply of coking coal to India and exporting anthracite coal from Russia.
To eliminate trade barriers, the leaders appreciated the initial March 2024 meeting to start full negotiations for a Free Trade Agreement on goods between India and the Eurasian Economic Union and directed officials to explore a bilateral free-trade agreement in services and investments.
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