Prime Minister Narendra Modi on Friday said India and Russia have signed a long-term Vision 2030 Economic Cooperation Agreement to expand bilateral trade, investment flows and mobility initiatives.
Modi and Russian President Vladimir Putin made the announcement at the India-Russia Business Forum as Putin is on a two-day visit to India.
Significantly, PM Modi at the forum said both the countries can have joint ventures in manufacturing electric vehicles, and also said the discussions have also begun on Free Trade Agreement (FTA) between India and Eurasian Economic Union.
“To further economic cooperation, we have signed a Vision 2030 document. Today, both of us will take part in the India–Russia Business Forum. I am confident this platform will strengthen our business relations and open new avenues for co-production and co-innovation. Both countries are also taking new steps to realise an FTA with the Eurasian Economic Union,” PM Modi said.
Another important announcement was that soon the Russian nationals would be eligible for a free 30-day e-tourist visa as well as a 30-day group tourist visa, describing the move as an important step to enhance manpower mobility between the two countries and noting that two related agreements had been signed.
Both the leaders also announced that India and Russia have finalised an economic cooperation program until 2030 with an aim to diversify mutual businesses to boost annual trade to USD 100 billion by 2030.
The two leaders also emphasised strong energy ties.
Putin noted that cooperation is expanding well beyond conventional fuel, and highlighted the major joint nuclear power initiative already underway. He further said Russia is conducting “a flagship project to build the largest nuclear power plant in India.”
“The construction of small modular reactors and floating nuclear power plants, and also non-energy applications of nuclear technologies, for example, in medicine or agriculture.
“Russia will also be establishing the production of industrial products in the framework of the Make in India programme, which is a hallmark project of distinguished Prime Minister Modi,” Putin said.
“We will discuss the key global and regional problems. We have confirmed the concerns between the positions of our countries,” he added.