New Delhi: Prime Minister Narendra Modi on Friday expressed confidence that the USD 100 billion bilateral trade target between India and Russia will be achieved well ahead of the 2030 deadline, as he extended an invitation for Russian investment in India. Modi made the remarks while addressing the India-Russia Business Forum, alongside visiting Russian President Vladimir Putin.
Expanding Cooperation Across Key Sectors
During the forum, Prime Minister Modi highlighted multiple areas of collaboration between the two nations, including logistics and connectivity, marine products, automobiles, pharmaceuticals, and textiles. He noted that India is a global leader in affordable and efficient electric vehicles, two-wheelers, and CNG mobility solutions, while Russia excels in advanced materials.
Modi emphasised that by partnering in EV manufacturing, automotive components, and shared mobility technologies, both countries can meet domestic demand and contribute to industrial and economic growth in the Global South.
He encouraged Russian companies to “Come Make in India, partner with India, and together let’s make for the world.”
Trade Facilitation and Preferential Agreements
President Putin stressed the importance of reducing trade barriers to facilitate the smooth movement of goods, services, and capital. He called for the early signing of a preferential trade agreement (FTA) between India and the Eurasian Economic Union (EAEU) to accelerate bilateral trade and simplify cross-border operations.
Putin also highlighted that Russian firms are ready to expand purchases of goods and services from India, and stressed the use of national currencies for trade to ensure reliable and uninterrupted financial transactions.
Collaboration Beyond Trade
Both leaders discussed avenues of cooperation beyond trade, including:
- Development of civil nuclear sector opportunities in India
- Cooperation in vaccines and cancer therapy
- Creating a Russia-ready workforce
- Collaboration in fertiliser, cement, ceramics, electronics, and artificial intelligence
Modi stressed that the foundation of India-Russia relations is mutual trust, which drives joint initiatives and long-term strategic partnership.
Global Significance of the Summit
Earlier on Friday, Modi and Putin held summit-level talks that drew global attention, further cementing the strategic and multi-faceted partnership between the two nations. Both leaders reiterated the importance of industrial collaboration, technological exchange, and resilient bilateral settlements to sustain and expand their economic and strategic ties.
Looking Ahead
The India-Russia partnership aims not only to achieve the USD 100 billion trade milestone ahead of schedule, but also to foster deeper industrial cooperation, technological innovation, and sustainable development initiatives, reinforcing the nations’ long-term strategic and economic alignment.
