India, Russia aim to step up trade to $30 bn by 2025
05 September 2019
India and Russia on Wednesday decided to step up bilateral cooperation and enter into a technological and investment partnership, especially in advanced high-tech areas, and increase bilateral trade to $30 billion by 2025.
According to a joint statement issued by the Russian government after the 20th India-Russia Annual Summit, Prime Minister Narendra Modi and President Vladimir Putin also agreed to continue promoting mutual settlements of payments in national currencies.
Modi, who is in Russia on the invitation of President Putin to attend the 20th India-Russia Annual Summit in Vladivostok, also participated in the 5th Eastern Economic Forum as the chief guest.
India-Russia bilateral merchandise trade stood at about $8.2 billion during 2018-19. The two leaders expressed satisfaction with the stable growth of trade turnover.
“To bring it to $30 billion by 2025, they agreed to more actively engage the impressive resource and human resources potential of India and Russia, enhance industrial cooperation, create new technological and investment partnership, especially in advanced high-tech areas and find new avenues and forms of cooperation,” according to the joint statement.
Russia also expressed interest in expanding the participation of Russian business in ‘Make in India’ programme and of Indian companies investing in projects in Russia.
Accordingly, the two countries have agreed to speed up preparations for signing of the India-Russia Intergovernmental Agreement on Promotion and Mutual Protection of Investments.
It was also agreed to intensify work for eliminating trade barriers. Towards this, it was proposed, to inter alia, facilitate the proposed Trading Agreement between the Eurasian Economic Union (EAEU) and the Republic of India.
The statement further said India is ready to play a significant role in the Arctic Council, while Russia expressed its readiness to participate in major infrastructural and other projects in India.
The two sides have also agreed to cooperate in supply of coking coal from Russian Far East to India.
“The leaders are determined to forge cooperation in geological exploration and joint development of oil and gas fields in Russia and India, including offshore fields,” the statement said.
India and Russia agreed to consider the prospects for expanding cooperation in hydro and thermal power, energy efficiency as well as for designing and constructing facilities that generate energy from non-conventional sources.
“With the signing of the Roadmap for cooperation in Hydrocarbons for 2019—24 during the Summit, both Sides expect bilateral cooperation in this sector to touch new heights in the next five years,” it added.
Further, the two sides agreed to review possibility of expanding direct passenger and cargo flights including flights between various regions of both the countries.
The two sides also acknowledged the opportunities to increase bilateral trade in the sphere of agriculture.