In a significant development during the 22nd Annual Bilateral Summit held in Moscow on July 8-9, 2024, Prime Minister Narendra Modi and Russian President Vladimir Putin outlined a strategic roadmap to bolster the Russia-India Special and Privileged Strategic Partnership. The leaders committed to a deepened bilateral interaction with a clear focus on economic cooperation aimed at achieving a mutual trade volume of over $100 billion by 2030.
In a joint declaration following their comprehensive discussions, the leaders emphasized their dedication to principles of mutual respect and equality, seeking to enhance the sovereign development of both nations through long-term and mutually beneficial strategies. “We are seeking to give additional impetus to the deepening of bilateral interaction by promoting Russia-India trade and economic cooperation,” the declaration stated, highlighting the intent to maintain dynamic growth in trade of goods and services.
The outlined plan includes a diverse range of initiatives aimed at transforming the economic landscape between the two countries:
- The leaders expressed an aspiration to eliminate non-tariff trade barriers and explore the potential for establishing an EAEU-India Free Trade Area.
- A significant focus is on developing a bilateral settlement system using national currencies alongside the introduction of digital financial instruments for mutual settlements.
- Enhancing cargo turnover through new routes such as the North-South International Transport Corridor, the Northern Sea Route, and the Chennai-Vladivostok Sea Line, coupled with the optimization of customs procedures.
- The summit also highlighted an increase in bilateral trade in agricultural products, food, and fertilizers and maintaining dialogue to remove related trade restrictions.
- Additionally, the cooperation extends to key energy sectors including nuclear energy and oil refining, infrastructure development, transport engineering, and the space industry.
The leaders also pledged to promote investments and joint projects in the digital economy, science and research, and educational exchanges. Moreover, they aim to bolster cooperation in the development and supply of medicines and medical equipment, reflecting a comprehensive approach to bilateral engagement.
PM Modi and President Putin have directed the Russian-Indian Intergovernmental Commission on Trade, Economic, Scientific, Technical, and Cultural Cooperation to assess the progress in these identified priority areas at its next meeting.
This ambitious collaboration not only reaffirms the strong ties between India and Russia but also sets a concrete path towards achieving substantial economic growth and integration between the two nations, positioning the bilateral relationship as a cornerstone in their respective foreign policies.
