India-Russia summit sets new strategic priorities

Following the 22nd Annual Bilateral Summit between Russia and India on Tuesday, in Moscow, President Vladimir Putin and Prime Minister Narendra Modi reaffirmed their commitment to deepening the Russia-India Special and Privileged Strategic Partnership. The two sides outlined nine key areas for future cooperation, aiming to enhance bilateral trade and economic relations.

Key Areas of Cooperation

1. Trade Liberalization: Efforts to eliminate non-tariff trade barriers and explore the establishment of an EAEU-India Free Trade Area. The goal is to achieve a trade volume exceeding $100 billion by 2030.

2. Financial Systems: Development of a bilateral settlement system using national currencies and the introduction of digital financial instruments.

3. Transport Corridors: Increase in cargo turnover through the North-South International Transport Corridor, the Northern Sea Route, and the Chennai-Vladivostok Sea Line. Optimizing customs procedures with intelligent digital systems.

4. Agricultural Trade: Expanding trade in agricultural products, food, and fertilizers by removing veterinary, sanitary, and phytosanitary restrictions.

5. Energy Cooperation: Enhancing cooperation in nuclear energy, oil refining, and petrochemicals. Focusing on energy infrastructure, technologies, and equipment.

6. Industrial Collaboration: Strengthening ties in infrastructure development, transport engineering, automobile production, shipbuilding, and space. Promoting market entry through subsidiaries and industrial clusters.

7. Digital Economy: Encouraging investments and joint projects in the digital economy, science, research, and educational exchanges. Providing favorable fiscal regimes for new joint companies.

8. Medical Cooperation: Developing and supplying medicines and advanced medical equipment. Exploring the possibility of opening Indian medical institution branches in Russia.

9. Humanitarian Cooperation: Expanding interaction in education, science, technology, culture, tourism, sports, and healthcare.

The leaders directed the Russian-Indian Intergovernmental Commission on Trade, Economic, Scientific, Technical, and Cultural Cooperation to examine these priority areas and assess progress at their next meeting.

Agreements Signed During PM Modi’s Moscow Visit

1. Program of India-Russia cooperation in trade, economic and investment spheres in the Russian Far East (2024-2029):
Aims to boost trade and joint investment projects between the Russian Far East and India.

2. MoU on Climate Change and Low-Carbon Development:
Establishes a Joint Working Group to share best practices and co-host research to develop low-cost technologies for climate change and low-carbon development.

3. MoU on Geodesy and Cartography:
Facilitates knowledge exchange in geodesy, cartography, and spatial data infrastructure; includes professional training and cooperation between scientific and educational institutes.

4. MoU on Polar Research and Logistics:
Promotes cooperation in polar research, resource sharing, logistics, joint research, and participation in international programs in the polar regions.

5. MoU on Broadcasting Cooperation:
Encourages collaboration in broadcasting, including program exchange, personnel training, and other cooperative efforts between Prasar Bharati and Russia Today TV Channel.

6. MoU on Medicinal Products:
Ensures the availability of high-quality medicines through information exchange and capacity building between Indian and Russian health institutions.

7. Cooperation Agreement on Arbitration:
Aims to facilitate the settlement of commercial disputes through cooperation between the Indian International Arbitration Centre and the Russian International Commercial Arbitration Court.

8. Joint Investment Promotion Framework Agreement:
Promotes investment cooperation by encouraging Russian companies to invest in the Indian market through Invest India and the Russian Direct Investment Fund.

9. MoU on Trade and Investment Promotion:
Enhances bilateral trade and investment through B2B meetings, business promotion events, and exchange of business delegations between the Trade Promotion Council of India and Business Russia.