In a significant development, India and Russia have agreed to boost bilateral trade to over USD 100 billion by 2030. The agreement was reached on Wednesday during the 22nd Annual Bilateral Summit held in Moscow, attended by Russian President Vladimir Putin and Indian Prime Minister Narendra Modi.

A joint statement issued after the summit emphasized the commitment of both nations to strengthen their “special and privileged strategic partnership.” The statement outlined a comprehensive strategy to deepen bilateral interactions and enhance economic cooperation, spanning multiple sectors.

The agreement includes nine key areas of cooperation:

1. Trade and Investment: Both countries will reinvigorate investments and promote trade using national currencies to facilitate smoother transactions and reduce dependency on the US dollar.
2. New Trade Routes: There will be an increase in cargo turnover through new routes such as the North-South Transport Corridor, aimed at enhancing logistical efficiency.
3. Agriculture: The volume of trade in agricultural products, food, and fertilizers will be raised, ensuring a steady supply of essential goods between the two nations.
4. Energy Sector: Deepening cooperation in the energy sector, including nuclear energy, is a priority. This includes joint projects and investments to ensure energy security and sustainability.
5. Infrastructure Development: Strengthened interaction for infrastructure development will be pursued, promoting investments and joint projects to build robust infrastructural frameworks.
6. Digital Economy: Both sides will collaborate on digital economy projects, enhancing technological advancements and innovation.
7. Medicine Supply: Cooperation in the supply of medicines will be intensified, ensuring better healthcare provisions and pharmaceutical trade.
8. Humanitarian Cooperation: Development of humanitarian cooperation will be promoted, fostering cultural and educational exchanges.
9. Food and Fertilizer Trade: Increasing the volume of trade in agricultural products, food, and fertilizers to ensure steady supply and mutual benefit.

Prime Minister Modi and President Putin reiterated their commitment to the strategic partnership, highlighting the mutual benefits and growth opportunities arising from this collaboration. The ambitious goal of achieving USD 100 billion in trade by 2030 reflects the robust and dynamic relationship between India and Russia, promising a new era of economic prosperity and strategic cooperation.

This initiative underscores the importance of diversifying trade and economic relations, focusing on sustainable growth and shared development goals. Both nations are poised to leverage their strengths and resources to achieve these targets, paving the way for a stronger and more resilient bilateral partnership.