New Delhi: Prime Minister Narendra Modi Friday expressed confidence that the USD 100 billion bilateral trade target between India and Russia will be achieved ahead of the 2030 deadline, as he invited Russian investment in the country.
Speaking alongside visiting Russian President Vladimir Putin at the India-Russia Business Forum, Modi listed several areas of cooperation, including logistics and connectivity, marine products, auto, pharma and textiles.
In his remarks, President Putin emphasised that early signing of the preferential trade agreement between India and the Eurasian Economic Union (EAEU) will reduce barriers to facilitate the movement of goods, services and capital.
Modi recalled that last year, Putin and he set a target of reaching USD 100 billion in bilateral trade by 2030.
“However, after further discussions with President Putin and considering the tremendous potential in our partnership, I am confident that we will achieve this target well ahead of schedule. We are making rapid progress towards this goal,” Modi said.
He noted that simplified and predictable mechanisms are being created for businesses, and discussions have begun on the FTA between India and the Eurasian Economic Union.
Whether it is business or diplomacy, the foundation of any partnership is mutual trust, Modi said.
“The greatest strength of India-Russia relations is this trust. It is this trust that gives direction to our joint efforts and also provides momentum,” the Prime Minister said, adding that this is the launchpad that gives inspiration to take flight towards new dreams and aspirations.
He noted that India is a global leader in affordable, efficient electric vehicles, two-wheelers, and CNG mobility solutions, while Russia is a major producer of advanced materials.
By partnering in EV manufacturing, automotive components, and shared mobility technologies, the two countries can not only meet their domestic demands but also contribute to the development of the Global South, Modi said.
“Come Make In India, partner with India, and together let’s make for the world,” he said.
The Prime Minister informed the gathering that India is in the process of opening the civil-nuclear sector, which will create new opportunities, saying “this is not an administrative reform, but mindset reform”.
Also, India and Russia can cooperate in the development of vaccines and cancer therapy, he added.
Modi also said the two countries can create a ‘Russia-ready’ workforce, and also cooperate in fertiliser, cement, ceramics and electronic sectors.
Putin, who is on a two-day official visit here, said it is important for both regions to reduce barriers to facilitate the movement of goods, services and capital.
“In this regard, a strong impetus, as it seems, could be given by the rapid signing of a preferential trade agreement between India and the Eurasian Economic Union,” he noted.
Putin said the Russian delegation is here not only to discuss energy issues, but also to sign contracts for the supplies of oil and gas.
“What we want is the development of our multi-faceted relations with India in various fields,” he said, adding that Russian firms are ready to increase manifold purchases of goods and services from India.
The Russian President also emphasised that free trade is “unthinkable” without a resilient bilateral settlement and reliable payment and insurance mechanisms.
He said tangible advantages are offered by the use of national currencies in trade.
It is important to ensure uninterrupted financial transactions regardless of external development, he added.
The India-Russia cooperation, he said, should not be limited to trade alone.
“We should move on to enhance our industrial cooperation together…We are ready for broad cooperation within the field of artificial intelligence, where our countries have already advanced a lot,” he said.
Earlier in the day, Putin and Modi held summit-level talks that generated global attention.
PTI
