India and Russia finalised a five-year plan on Friday to bolster economic and trade partnership in the face of Washington's punitive tariff and sanctions regime. Following their summit talks, Modi and Putin demonstrated their keenness to impart a fresh momentum to the trajectory of the partnership between the two nations.
Besides finalising the 2030 economic programme, the two sides signed several agreements to expand cooperation in a number of sectors, including health, mobility and people-to-people exchange.
Prime Minister Narendra Modi expressed confidence that the US $100-billion bilateral trade target between India and Russia will be achieved ahead of the 2030 deadline as he invited Russian investment in the country.
Speaking alongside Russian President Vladimir Putin at the India-Russia Business Forum, Modi listed several areas of cooperation, including logistics and connectivity, marine products, auto, pharma and textiles. Putin, who left for Russia later at night, emphasised that early signing of the preferential trade agreement between India and the Eurasian Economic Union will reduce barriers to facilitate the movement of goods, services and capital.
Modi recalled that last year, Putin and he set a target of reaching US $100 billion in bilateral trade by 2030. "However, after further discussions with President Putin and considering the tremendous potential in our partnership, I am confident that we will achieve this target well ahead of schedule. We are making rapid progress towards this goal," Modi said.
Modi noted that simplified and predictable mechanisms are being created for businesses and discussions have begun on the FTA between India and the Eurasian Economic Union. Noting that India is a global leader in affordable, efficient electric vehicles, two-wheelers and CNG mobility solutions, while Russia is a major producer of advanced materials, Modi said, “By partnering in EV manufacturing, automotive components and shared mobility technologies, the two countries can not only meet their domestic demands, but also contribute to the development of the Global South.
Putin said it is important for both regions to reduce barriers to facilitate the movement of goods, services and capital. "In this regard, a strong impetus, as it seems, could be given by the rapid signing of a preferential trade agreement between India and the Eurasian Economic Union," he noted. Putin said the Russian delegation is here not only to discuss energy issues, but also to sign contracts for the supplies of oil and gas.
The India-Russia cooperation, Putin said, should not be limited to trade alone. "We should move on to enhance our industrial cooperation together...We are ready for broad cooperation within the field of artificial intelligence, where our countries have already advanced a lot," he said, specifying that his country is ready for uninterrupted shipments of fuel to India.
Also read: Russia okays key defence pact with India ahead of Putin's visit
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