India and Russia on Tuesday agreed to achieve a mutual trade volume of more than 100 billion USD by 2030.
Russian President Vladimir Putin and Prime Minister Narendra Modi had a thorough exchange of views on current issues of bilateral practical cooperation during the 22nd Annual Bilateral Summit between the two nations held on July 8-9, 2024 in Moscow.
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Later, the Leaders’ Joint Statement was issued on the development of strategic areas of Russia-India economic cooperation for the period up to 2030.
“Achievement of a mutual trade volume of more than 100 bln USD by 2030 (as mutually agreed), including increased supplies of goods from India to achieve balanced bilateral trade. Reinvigoration of investment activities of the Parties, i.e. within the framework of the special investment regimes,” it said.
The statement declared that bilateral economic cooperation between the Russian Federation and the Republic of India, hereinafter referred to as the “Parties”, is planned to be developed in key areas including aspiration for elimination of non-tariff trade barriers related to bilateral trade between India and Russia.
The statement further vouched for the continuation of dialogue in the field of liberalization of bilateral trade including the possibility of the establishment of the EAEU-India Free Trade Area.
Development of cooperation in key energy sectors, including nuclear energy, oil refining and petrochemicals and expanded forms of cooperation and partnership in the field of energy infrastructure, technologies and equipment. Facilitation of mutual and international energy security, i.a. taking into account the prospects of global energy transition, said the statement.
