India, Russia Set $100 Billion Annual Trade Target By 2030

Indian Prime Minister Narendra Modi and Russian President Vladimir Putin met in Moscow on Tuesday, outlining bold economic goals for their nations. The leaders jointly announced plans to boost bilateral trade to over USD 100 billion by 2030, emphasizing the elimination of non-tariff trade barriers.

A key point of discussion was the potential establishment of a Free Trade Area between India and the Eurasian Economic Union (EAEU). The leaders expressed their commitment to continuing dialogue on trade liberalization between the two countries.

The summit also focused on developing a bilateral settlement system using national currencies and introducing digital financial instruments for mutual settlements. This move aims to streamline economic transactions between India and Russia.

The meeting also committed to increasing bilateral trade in agricultural products, food, and fertilizers, and maintaining an ongoing dialogue to eliminate veterinary, sanitary, and phytosanitary restrictions and prohibitions.

Infrastructure and logistics were the focus of the agenda, with plans to increase cargo turnover through new routes. These include the North-South International Transport Corridor, the Northern Sea Route, and the Chennai-Vladivostok Sea Line. The leaders also agreed to optimize customs procedures using intelligent digital systems.

Energy cooperation featured prominently in the talks, covering nuclear energy, oil refining, and petrochemicals. The leaders stressed the importance of mutual and international energy security, considering the global energy transition.

Other areas of cooperation discussed included infrastructure development, transport engineering, automobile production, shipbuilding, and space technology. The leaders emphasized facilitating market entry for companies from both countries and aligning approaches in standardization and conformity assessment.

The summit also touched on collaboration in healthcare, with plans to explore opening branches of Indian medical institutions in Russia and recruiting qualified medical personnel.

Prime Minister Modi concluded his two-day visit to Russia and departed for Austria, marking the first visit by an Indian Prime Minister to Austria in 41 years.