India-Russia Trade May Touch $100 Billion Before 2030, Says PM Modi

Prime Minister Narendra Modi said that India and Russia may not have to wait till 2030 to achieve $100 billion bilateral trade volume. The Prime Minister's comments came while speaking at the India-Russia Business Forum, along with Russian President Vladimir Putin.

Modi also highlighted that FTA talks have also commenced and simplified, predictable mechanisms are being worked out for bilateral trade.

Even Russian President Vladimir Putin expressed support for signing a preferential trade agreement between India at Eurasian Economic Union (EAEU).

Putin said that he wants to expand ties on all fronts and that India was not just there for energy issues and oil supply contracts.

The President also informed that he will send a delegation to India's AI Summit in February and highlighted that Russian companies are eyeing to increase Indian imports manifold.

Further, PM Modi informed that two sides have discussed harnessing full potential of logistics, connectivity routes such as INSTC, Chennai-Vladivostok maritime corridor.

With defence and space sectors already open for private sector, Moscow and Delhi are now looking to unlock new possibilities in civil nuclear energy.

The Prime Minister said that Russia has already approved several new Indian dairy and marine exporters and is also looking at joint ventures in cold chain logistics, deep sea fishing and fishing harbours with India.

New Delhi can also partner with Russia in Electric Vehicle manufacturing, auto parts and shared mobility tech. Within Pharma India-Russia can collaborate on joint vaccine development, cancer therapy, API supply chain and radio pharmaceuticals.

Lastly, Modi said India and Russia can partner on textile value chain, fertilisers, cement manufacturing, ceramics and electronics.

List of important MoUs and Agreements signed between India and Russia

Migration and Mobility:

• Mutual agreement on temporary labour activity of citizens

• Agreement on cooperation in combating irregular migration

Health and Food safety:

• Agreement in the field of healthcare, medical education and science

• Agreement between FSSAI and Russia's Federal Service for Surveillance on Consumer Rights Protection and Human Well-being in food safety

Maritime Cooperation and Polar waters:

• MoU on training of specialists for ships operating in polar waters

• MoU between India's Shipping Ministry and Russia's Maritime Board

Fertilizers:

MoU between JSC UralChem and Rashtriya Chemicals and Fertilizers Ltd., National Fertilizers Ltd., and Indian Potash Ltd.

Customs and commerce:

• Protocol between the India's CBIC and Russia's Federal Customs Service for cooperation in exchange of pre-arrival information in respect of goods and vehicles moved between countries

• Bilateral Agreement between India's Department of Posts and Russian Post