India and Russia Push for Investment and Trade Acceleration

India and Russia aim to expedite negotiations for a cooperative agreement on investment protection. Discussions highlighted energy sector cooperation and advancing a free trade agreement with the Eurasian Economic Union. Both nations seek a balanced trade relationship and stronger logistics and payment mechanisms for increased bilateral trade.

India and Russia have urged their officials to expedite discussions aimed at establishing a beneficial agreement for investment promotion and protection. The directive was given during a summit meeting between India's Prime Minister Narendra Modi and Russian President Vladimir Putin.

The summit highlighted both nations' efforts towards a free trade agreement with the Eurasian Economic Union (EAEU), of which Russia is a member, along with Armenia, Belarus, Kazakhstan, and Kyrgyzstan. The discussions noted the trade imbalance due to India's import of Russian crude oil and recognized the need for increased Indian exports to Russia.

The two countries also emphasized their commitment to developing the energy partnership and enhancing transport infrastructures like the International North-South Transport Corridor. In line with this, they welcome an agreement on specialist training for ships operating in polar waters, a key aspect of their comprehensive strategic partnership.

(With inputs from agencies.)