During President Vladimir Putin’s visit to New Delhi, India and Russia emphasised their commitment to enhancing bilateral trade and cooperation across various sectors, including energy, nuclear, and military. Let’s take a look at outcomes of Putin’s high stakes visit.
Photo : ANI
India and Russia reaffirmed shared ambition to expand bilateral trade in a balanced and sustainable manner, discussed and commended their wide ranging cooperation in the energy sector, cooperation in building stable and efficient transport corridors, broaden cooperation in nuclear energy, among other sectors, during President Vladimir Putin’s 2-day visit to New Delhi on December 4-5.
Prime Minister Narendra Modi and Russian President Vladimir Putin emphasised the special nature of this long standing and time-tested relationship, which is characterised by mutual trust, respect for each other’s core national interests and strategic convergence. They underscored that, as major powers with shared responsibilities, this important relationship continues to be an anchor of global peace and stability that should be ensured upon the basis of equal and indivisible security.
According to the India-Russia Joint Statement, PM Modi and Vladimir Putin positively assessed the multi-faceted mutually beneficial India-Russia relations that span all areas of cooperation, including political and strategic, military and security, trade and investment, energy, science and technology, nuclear, space, cultural, education and humanitarian cooperation. It was noted with satisfaction that both Sides are actively exploring new avenues for cooperation while further strengthening cooperation in the traditional areas. Let’s take a look at key outcomes of Vladimir Putin’s highly anticipated India visit.
Trade and Economic partnership
- India and Russia reaffirmed ambition to expand bilateral trade in a balanced and sustainable manner, including by increasing India’s exports to Russia, strengthening industrial cooperation, forging new technological and investment partnerships, especially in advanced high-technology areas and finding new avenues and forms of cooperation.
- PM Modi-Vladimir Putin welcomed the adoption of the Programme for the Development of Strategic Areas of India – Russia Economic Cooperation till 2030 (Programme 2030), and set a target to achieve USD 100 Billion trade.
- Both the nations appreciated intensification of the joint work on a Free Trade Agreement on goods between India and the Eurasian Economic Union covering sectors of mutual interest.
- The two sides welcomed steps to ensure long-term supply of fertilisers to India and discussed the potential establishment of joint ventures in this area.
- Both the nations the current and potential cooperation between Indian and Russian companies in fields such as oil and oil products, oil refining and petrochemical technologies, oilfield services and upstream technologies and related infrastructure, LNG and LPG related infrastructure, various existing projects in their countries, underground coal gasification (UCG) technology, nuclear projects, etc.
