India-Russia Agree to Boost Bilateral Trade to USD 100 Billion by 2030

India and Russia have committed to elevating bilateral trade to over USD 100 billion by 2030. During the 22nd Annual Bilateral Summit, both nations agreed to enhance cooperation across various sectors, promote investments, and use national currencies for trade. They aim to reduce trade barriers and increase collaboration in energy, agriculture, and infrastructure.

India and Russia have reinforced their commitment to elevate bilateral trade to more than USD 100 billion by 2030. This decision emerged from the 22nd Annual Bilateral Summit in Moscow, where Indian Prime Minister Narendra Modi and Russian President Vladimir Putin jointly endorsed this ambitious trade goal.

The two nations have outlined a wide-ranging collaboration spanning nine key areas. These include enhancing trade using national currencies, launching new trade routes such as the North-South Transport Corridor, and deepening cooperation in sectors such as nuclear energy and infrastructure development.

The leaders also emphasized the need to eradicate non-tariff trade barriers and discussed the potential establishment of the EAEU-India Free Trade Area. Moreover, they committed to fostering joint projects in digital economies, energy security, healthcare, and educational exchanges.

(With inputs from agencies.)