India and Russia vowed to scale up bilateral trade to 100 billion dollars by 2030. Addressing the India-Russia Business Forum alongside Russian President Vladimir Putin in New Delhi yesterday, Prime Minister Narendra Modi noted that recent discussions between the two leaders and the strong potential on both sides indicate that the bilateral trade target will be achieved well ahead of schedule.
He emphasised that simplified and predictable mechanisms are being created for business. He also noted that discussions have commenced on a Free Trade Agreement between India and the Eurasian Economic Union.
The Prime Minister remarked that whether in business or diplomacy, the foundation of any partnership is mutual trust, and emphasised that the greatest strength of India-Russia relations lies in this trust. He highlighted that this trust provides both direction and momentum to joint efforts and serves as the launch pad inspiring new dreams and aspirations.
The Prime Minister further stressed that India and Russia are moving forward with the determination to achieve this goal ahead of time, and noted that his confidence in this outcome is growing stronger. He further remarked that tariff and non-tariff barriers are being reduced. He emphasised that the true strength behind these efforts lies in business leaders, highlighting that their energy, innovation, and ambition shape the shared future of India and Russia.
PM Modi said that India and Russia are now embarking on a new journey of innovation, co-production, and co-creation. He asserted that India is prepared to work shoulder to shoulder with Russia to develop sustainable solutions to global challenges.
The Prime Minister underlined that India is emerging as the world’s skilled capital and India’s youth hold the potential to meet global requirements. PM Modi mentioned that at today’s summit, India and Russia have taken several important decisions on tourist visas for citizens of both countries, which will boost tourism, create new business opportunities and open up new employment opportunities for both India and Russia. He expressed that both countries can partner in EV manufacturing, automotive components, and wireless mobility tech, which will contribute to the development of the Global South, especially Africa.
