India-Russia Economic Ties: A New Chapter of Cooperation

Russia agreed to expand market access for Indian goods to address trade deficits during talks between Prime Minister Narendra Modi and President Vladimir Putin. The summit aimed to boost economic ties, targeting USD 100 billion in bilateral trade by 2030. Key sectors discussed included energy, pharmaceuticals, and agriculture.

In a significant move to address trade imbalances, Russia agreed to widen its market access for Indian goods, as discussed during talks between Prime Minister Narendra Modi and Russian President Vladimir Putin. The leaders focused on enhancing economic cooperation, particularly targeting a bilateral trade volume of USD 100 billion by 2030, according to Foreign Secretary Vikram Misri.

The summit outlined plans to navigate non-tariff barriers hindering the export of Indian pharmaceuticals, agricultural products, marine goods, and textiles to Russia. The leaders explored avenues in various sectors to further strengthen the economic partnership amidst the ongoing geopolitical complexities.

Energy cooperation was a critical point of discussion, as India faces pressure to reduce Russian oil imports. Despite American sanctions, India remains committed to securing stable energy supplies. Both countries emphasized the importance of expediting project resolutions and enhancing trade settlements in national currencies. The talks also included strengthening infrastructure for LNG, LPG, and coal gasification technologies, ensuring a robust collaboration framework in the energy sector.

(With inputs from agencies.)