Vladimir Putin and Narendra Modi Discussed Issues of a Free Trade Agreement Between the EAEU and India
Source: The DairyNews
Prime Minister of the Republic of India N. Modi visited Moscow on July 8-9, 2024, at the invitation of the President of the Russian Federation V. V. Putin for an official visit and participated in the XXII annual Russian-Indian summit, reports The DairyNews, citing the press service of the Kremlin Administration.
The leaders noted the ongoing strengthening and expansion of the specially privileged strategic partnership between Russia and India.
The parties emphasized that Russian-Indian relations remain resilient in the current complex and uncertain geopolitical situation. Efforts are being made to create a modern, balanced, mutually beneficial, sustainable, and long-term partnership. The development of Russian-Indian relations across the entire spectrum of cooperation is a common foreign policy priority. The leaders agreed to make every effort to fully realize the potential of the strategic partnership.
The leaders were pleased to note the significant growth in bilateral trade in 2023, which almost doubled the leaders' goal of achieving trade volumes of $30 billion by 2025. To achieve balanced and sustainable bilateral trade in the long term, the leaders emphasized the need to increase Indian exports to Russia, including through strengthening industrial cooperation, establishing new technological and investment partnerships, especially in advanced areas, and exploring new directions and forms of cooperation.
To further accelerate and maintain the growth rate of bilateral trade, the leaders agreed to increase trade turnover to $100 billion by 2030.
The parties agreed to continue jointly developing bilateral settlement systems through the use of national currencies and agreed to continue consultations on the integration of their financial messaging systems. They noted the importance of finding mutually acceptable solutions to insurance and reinsurance issues for the benefit of further increasing bilateral trade.
The parties emphasized that Russian-Indian relations remain resilient in the current complex and uncertain geopolitical situation. Efforts are being made to create a modern, balanced, mutually beneficial, sustainable, and long-term partnership. The development of Russian-Indian relations across the entire spectrum of cooperation is a common foreign policy priority. The leaders agreed to make every effort to fully realize the potential of the strategic partnership.
The leaders were pleased to note the significant growth in bilateral trade in 2023, which almost doubled the leaders' goal of achieving trade volumes of $30 billion by 2025. To achieve balanced and sustainable bilateral trade in the long term, the leaders emphasized the need to increase Indian exports to Russia, including through strengthening industrial cooperation, establishing new technological and investment partnerships, especially in advanced areas, and exploring new directions and forms of cooperation.
To further accelerate and maintain the growth rate of bilateral trade, the leaders agreed to increase trade turnover to $100 billion by 2030.
The parties agreed to continue jointly developing bilateral settlement systems through the use of national currencies and agreed to continue consultations on the integration of their financial messaging systems. They noted the importance of finding mutually acceptable solutions to insurance and reinsurance issues for the benefit of further increasing bilateral trade.
