New Delhi (Delhi) [India], December 6 (HBTV): India and Russia have agreed on an Economic Cooperation Programme till 2030 to diversify trade and investment linkages, with Prime Minister Narendra Modi and President Vladimir Putin discussing enhanced connectivity and deeper cooperation in shipbuilding, energy and critical minerals.
The two leaders, who held bilateral talks earlier in the day, also attended the plenary session of the India-Russia Trade Forum.
Posting on X, PM Modi said the forum would ‘add fresh momentum to our business ties and open new avenues for innovation and growth’.
The leaders met during the 23rd India-Russia Annual Summit, where they reviewed a wide range of bilateral issues. PM Modi said they discussed ‘improving connectivity, enhancing relations in shipbuilding, skills, energy, critical minerals and much more’. He added that they have ‘agreed on an Economic Cooperation Programme till 2030 in order to diversify our trade and investment linkages’.
PM Modi said he reiterated India’s commitment to peace and a lasting resolution to the conflict in Ukraine. He also highlighted cultural and people-to-people ties, noting the opening of two new Indian consulates in Russia and the recent visit of holy Buddhist relics. Education, skill development and training were identified as key areas of potential cooperation.
The leaders also discussed global issues, including counterterrorism and cooperation in multilateral forums.
In their Joint Statement, both leaders reaffirmed their goal of expanding bilateral trade in a balanced manner by increasing India’s exports to Russia, strengthening industrial collaboration, forming new technological and investment partnerships — especially in advanced high-tech sectors — and exploring new areas of cooperation.
They welcomed the adoption of the Programme for the Development of Strategic Areas of India-Russia Economic Cooperation till 2030 (Programme 2030).
The two sides expressed appreciation for progress in negotiations on a Free Trade Agreement in goods between India and the Eurasian Economic Union. They directed officials to intensify efforts toward concluding a mutually beneficial agreement on investment promotion and protection.
They also acknowledged the outcomes of the 25th and 26th sessions of the India-Russia Intergovernmental Commission on Trade, Economic, Scientific, Technical and Cultural Cooperation, and the India-Russia Business Forum held in New Delhi (November 2024) and Moscow (August 2025).
Both sides underlined the importance of a transparent, inclusive and non-discriminatory multilateral trading system centred around the World Trade Organization. They said addressing tariff and non-tariff barriers, improving logistics, enhancing connectivity, ensuring smooth payment systems, resolving insurance and reinsurance challenges and regular business interaction are vital to achieving the revised bilateral trade target of USD 100 billion by 2030.
India and Russia agreed to continue developing bilateral settlement mechanisms using national currencies to ensure uninterrupted trade. They will also continue consultations on interoperability of national payment systems, financial messaging networks and central bank digital currency platforms.
Both sides welcomed steps to ensure long-term fertilizer supplies to India and discussed the possibility of establishing joint ventures in this sector.
They also welcomed the signing of agreements on skilled worker mobility.
Russia welcomed Indian participation in the Saint Petersburg International Economic Forum (June 2025) and the Eastern Economic Forum (September 2025), with both sides noting the contribution of the India-Russia Business Dialogue in promoting trade and investment ties.
The leaders emphasised the importance of reliable and mutually beneficial trade in mineral resources — including energy sources, precious stones, metals and critical raw materials — describing cooperation in this area as essential for national security and economic stability.
President Putin paid a State Visit to India from December 4–5 for the 23rd India-Russia Annual Summit at the invitation of Prime Minister Narendra Modi.
(ANI)