INSUBCONTINENT EXCLUSIVE:
for boosting bilateral relations, in Moscow on Tuesday (Photo: Reuters)
India and Russia are looking to raise bilateral trade to $100
billion by 2030, balance the lopsided trade, eliminate non-tariff trade barriers, and explore the possibility of a Eurasian Economic Union
(EAEU)-India Free Trade Area.
A joint statement issued after multiple rounds of talks between Prime Minister Narendra Modi and Russian
President Vladimir Putin on Tuesday also announced that both nations plan to establish a bilateral settlement system using national
currencies and introduce digital financial instruments into mutual settlements
countries.
Delivering an unambiguous message on the ongoing Ukraine war, the prime minister told Putin that peace efforts do not succeed in
and fertilisers, dominated the agenda during Modi's two-day trip to Moscow
33 per cent year-on-year, and nearly 5.5 times higher than the pre-pandemic trade of $10.1 billion
The bilateral trade has increased especially since 2022 with Indian fuel importers snapping up discounted Russian crude despite repeated
criticism by Western nations.
India also pushed for the need to broaden the trade basket between the two countries, especially with respect
to the greater market access for goods both in the agriculture and industrial sectors
Greater cooperation in key energy sectors, including nuclear energy, oil refining, and petrochemicals also found mention in the document,
products, food and fertilizers
intelligent digital systems for barrier-free movement of goods.
A lot of this trade is expected to take place through key global routes
like the North-South International Transport Corridor, the Northern Sea Route and the Chennai-Vladivostok Sea Line, the two sides said.
A
trade agreement between Eurasian Economic Union (EAEU) -- comprising Russia, Belarus, Kazakhstan, Kyrgyzstan, and Armenia -- was also
subsidiaries and industrial clusters
Similarly, both have called for creating new joint (subsidiary) companies by providing them with favourable fiscal regimes.
Promotion of
investments and joint projects across various sectors of digital economy, science and research, educational exchanges and internships for
employees of high-tech companies have also been targeted.Ukraine war
In his televised opening remarks at summit talks with Putin at the
Kremlin, the PM said the killing of innocent children is heart-wrenching and very painful, a day after a suspected Russian missile struck a
"Every person who believes in humanity is pained when there is a loss of lives
But when innocent children are killed it causes deep pain
I have spoken to you at length about this," Modi told Putin.
The prime minister's remarks that appeared to be critical of Russia came hours
after Ukrainian President Volodymyr Zelenskyy criticised Modi for hugging Putin
Ukraine conflict with Putin during a private meeting on Monday evening and said dialogue is the only way to find a solution
"For a bright future for the future generations, peace is most essential
No solution is possible on the battlefield
Solutions and peace talks are not successful in the midst of bombs, guns and bullets and we have to find the path to peace through
dialogue," he said.
"For restoration of peace, India is ready to cooperate in all possible ways," Modi said, as he appreciated the
peaceful means."
Modi's first international visit after he took charge as Prime Minister for the third time, the trip to Russia has been
closely watched owing to its geopolitical implications
In the run up to the trip, the Kremlin had claimed the West was jealous of the visit while the US State Department said it has made quite
clear directly with India its concerns about India's relationship with Russia.
During the day, both leaders were also shown a permanent
working model of the VVER-1000 reactor used at Kudankulam Nuclear Power Plant in Tamil Nadu, manufactured by the Russian Atomic Agency
Rosatom.
The Prime Minister also interacted with the Indian community in Russia, where he announced the government has decided to open two
new Indian Consulates in Kazan and Ekaterinburg
The two-day trip also saw the PM pay his respects at Moscow's tomb of the unknown soldier, dedicated to the Soviet soldiers who lost their
lives during World War II.
In the evening, the PM left in Vienna
It will be the first visit by an Indian prime minister to Austria in over 40 years, the last being of Indira Gandhi in 1983.
