Russia and India Set Ambitious Goals for Bilateral Economic Cooperation.
New Delhi:
Following the 22nd Annual Bilateral Summit between Russia and India in Moscow on July 8-9, 2024, President Vladimir Putin and Prime Minister Narendra Modi have jointly outlined a comprehensive vision to deepen strategic economic ties between the two nations up to 2030.
In a joint statement, both leaders emphasized mutual respect and equality, pledging to bolster the Russia-India Special and Privileged Strategic Partnership on a mutually beneficial and long-term basis. They underscored their commitment to enhancing bilateral trade and economic cooperation across various sectors.
Key highlights of their joint declaration include:
1. Trade and Investment: Both countries aim to surpass a mutual trade volume of USD 100 billion by 2030, focusing on liberalizing trade barriers and exploring the possibility of an EAEU-India Free Trade Area. They also intend to reinvigorate investment activities under special investment regimes.
2. Currency Settlement: Plans are underway to develop a bilateral settlement system using national currencies, alongside the introduction of digital financial instruments.
3. Transport and Connectivity: Efforts will be made to increase cargo turnover through new transport routes such as the North-South International Transport Corridor, the Northern Sea Route, and the Chennai-Vladivostok Sea Line. Customs procedures will be optimized using intelligent digital systems to facilitate barrier-free movement of goods.
4. Agricultural and Energy Cooperation: Both nations will focus on enhancing bilateral trade in agricultural products, food, fertilizers, and cooperation in key energy sectors including nuclear energy, oil refining, and petrochemicals.
5. Industrial Collaboration: There will be a strengthened partnership in infrastructure development, transport engineering, automobile production, shipbuilding, and space sectors. This includes facilitating market entry for Indian and Russian companies through subsidiaries and industrial clusters.
6. Digital Economy and Healthcare: Emphasis will be placed on joint projects in the digital economy, science, research, and healthcare sectors. Plans include fostering the creation of new joint companies and exploring the possibility of Indian medical institutions opening branches in Russia.
7. Humanitarian Cooperation: Both nations aim to expand cooperation in education, science and technology, culture, tourism, sports, and healthcare.
President Putin and Prime Minister Modi have instructed the Russian-Indian Intergovernmental Commission on Trade, Economic, Scientific, Technical and Cultural Cooperation to closely monitor progress in these priority areas and report at their next meeting.
This joint declaration marks a significant step towards further cementing the longstanding strategic partnership between Russia and India, paving the way for enhanced economic collaboration and mutual prosperity.
