Russian President Vladimir Putin yesterday held talks with Indian Prime Minister Narendra Modi at an annual summit and agreed to diversify mutual economic ties, as the US presses India to revise its decades-old partnership with Russia.
The 23rd Russia-India Summit comes at a pivotal moment, as the US pushes for a Ukraine peace deal while seeking global cooperation.
After the talks, Putin and Modi announced that India and Russia have finalized an economic cooperation program until 2030, which would help diversify mutual businesses to boost annual trade to US$100 billion by 2030.
Photo: Mikhail Tereshchenko, Sputnik, EPA
They also emphasized strong energy ties.
Bilateral trade between the two countries was US$68.7 billion in the fiscal year which ended in March, with trade heavily skewed in favor of Russia and deep deficits for India, which it is looking to bridge by pushing exports.
Putin said work is underway on an agreement for India to establish a free-trade zone with the Eurasian Economic Union, a Moscow-dominated economic grouping of several former Soviet nations, adding that it could help increase trade.
“Russia is a reliable supplier of energy resources and everything necessary for the development of India’s energy sector,” Putin said. “We are ready to continue ensuring the uninterrupted supply of fuel for the rapidly growing Indian economy.”
Modi said the two countries would work toward early conclusion of a free-trade agreement with the Eurasian Economic Union, and announced that India would soon start issuing free electronic visas for Russian tourists and groups visiting the country.
Energy security has long anchored India-Russia ties, with civil nuclear cooperation spanning decades, Modi said, adding that such cooperation would continue, alongside collaboration in clean energy, shipbuilding, fertilizers and labor mobility.
Indian officials earlier said that Modi would push for faster delivery of two further Russian S-400 surface-to-air missile systems. It has already received three under a 2018 deal worth about US$5.4 billion. The delay has been tied to supply chain disruptions linked to the war in Ukraine.
India is also expecting to upgrade its Russian-made Su-30MKI fighter jets and accelerate deliveries of military hardware.
India is keen to increase exports of pharmaceuticals, agriculture and textiles to Russia, and is seeking the removal of non-tariff barrier as well as long-term supplies of fertilizers from Moscow.
Another key area where the two countries hoped to finalize an agreement is the safety and regulation of migration of Indian skilled workers to Russia.
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