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Home > All news > Economy, Export Import > India and Russia set $100 billion trade goal by 2030, cooperation in energy, agriculture

India and Russia set $100 billion trade goal by 2030, cooperation in energy, agriculture

July 11, 2024
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New Delhi - India and Russia have agreed to enhance bilateral trade to over USD 100 billion by 2030, with a focus on investments, national currency usage for trade, and cooperation across various sectors such as energy, agriculture, and infrastructure. This decision emerged from the 22nd Annual Bilateral Summit in Moscow, where Russian President Vladimir Putin and Indian Prime Minister Narendra Modi reiterated their commitment to a "special and privileged strategic partnership."

The two sides agreed on nine key areas of cooperations that spanned trade, trade settlement using national currencies, increased cargo turnover through new routes such as the North-South Transport Corridor, raising volume of trade in agri products, food and fertiliser, deepening cooperation in the energy sector, including nuclear energy, strengthening interaction for infrastructure development, promotion of investments and joint projects across digital economy, collaborating on supply of medicines and development of humanitarian cooperation.

The leaders agreed to aspire "for elimination of non-tariff trade barriers related to bilateral trade between India and Russia" and continue "dialogue in the field of liberalisation of bilateral trade, including the possibility of the establishment of the EAEU-India Free Trade Area".

Disclaimer: This information has been collected through secondary research and Daily Shipping Times is not responsible for any errors in the same.

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