New delhi: India and Russia signed 16 Memorandums of Understanding (MoUs) and agreements during President Vladimir Putin's visit to New Delhi for the India-Russia Annual Summit.
According to Kuwait News Agency, the agreements aim to enhance cooperation in areas such as migration and mobility, health and medical sciences, food safety, maritime cooperation, shipping in polar waters, fertilizers, industrial collaboration, customs procedures, and trade facilitation. A joint statement from the summit highlighted that Prime Minister Narendra Modi and President Putin reaffirmed their commitment to strengthening the Special and Privileged Strategic Partnership between the two nations.
The statement emphasized the unique relationship based on mutual trust and respect for each other's core interests and strategic goals. It noted that this alliance serves as a cornerstone for global peace and stability, grounded in equal and indivisible security.
Both leaders positively assessed the resilience of India-Russia relations amid a complex geopolitical landscape. They celebrated the opening of two new Consulates General of India in Yekaterinburg and Kazan, which are expected to bolster inter-regional cooperation, expand trade and economic relationships, and enhance people-to-people connections.
Modi and Putin shared a vision to expand bilateral trade sustainably, focusing on increasing India's exports to Russia, strengthening industrial ties, and fostering new technological and investment partnerships. They welcomed the Programme for the Development of Strategic Areas of India-Russia Economic Cooperation till 2030 and discussed progress towards a Free Trade Agreement on goods with the Eurasian Economic Union.
Both nations underscored the necessity of an open, inclusive, and transparent multilateral trade system, with the World Trade Organization acting as its foundation. They committed to achieving a bilateral trade target of USD 100 billion by 2030 by addressing trade barriers, enhancing logistics, and ensuring efficient payment mechanisms.
The statement also mentioned that Russia and India will continue developing bilateral settlement systems using national currencies to ensure uninterrupted trade. The leaders praised the extensive cooperation in the energy sector, recognizing it as a crucial component of their strategic partnership, and noted ongoing collaborations in the oil and gas industries.
Additionally, both countries agreed to enhance cooperation in establishing stable and efficient transport corridors, focusing on better logistics, connectivity, and infrastructure. They reaffirmed their intention to expand cooperation in the civil nuclear sector, particularly in supporting the Kudankulam Nuclear Power Plant's operational units.