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India, Russia step up bilateral trade co-operation to $30 billion by 2025

India and Russia take a step forward in bilateral trade co-operation
India and Russia take a step forward in bilateral trade co-operation

India and Russia are targeting bilateral trade of up to USD 30 billion by 2025. The bilateral trade between India and Russia stood at USD 8.2 billion during 2018-19.

India’s foreign secretary said on Wednesday that India and Russia will step up bilateral trade to USD 30 billion by 2025. Elaborating on this, the two countries stated that they have decided to enhance industrial cooperation and create new technological and investment partnership.

The two leaders expressed their satisfaction with the current trade turnover. India-Russia bilateral merchandise trade stood at USD 8.2 billion during 2018-19.

The development comes just after the 20th India Russia Annual Summit in Vladivostok. PM Modi also partook in the 5th Eastern Economic Forum as the Chief Guest.

Both India and Russia have expressed their desire to increase the participation of Russian business in ‘Make in India’ programme. They also showed interest in the participation of Indian companies in investment projects in Russia. In this regard, the two countries have agreed to promptly prepare and ratify India-Russia Intergovernmental Agreement on Promotion and Mutual Protection of Investments.

India and Russia have also decided to intensify work in order to eliminate trade barriers. For this, the two countries have proposed Trading Agreement between the Eurasian Economic Union (EAEU) and the Republic of India.

In the joint statement, India said that it is ready to play an important role in the Arctic Circle. On the other hand, Russia averred that it will partake in infrastructural and other projects in India.

The two sides have also decided to collaborate in the supply of cooking oil to India from Russian Far East region. Regarding hydro and thermal power, India and Russia also discussed prospects of cooperation.

The two sides have also decided to review the possibility of direct passenger and cargo flights between both the countries.

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