India and Russia strengthen their strategic economic partnership with new agreements on trade, technology, energy cooperation, currency settlements, skilled workforce mobility, and mineral resources. Leaders endorse the 2030 roadmap to boost bilateral economic growth and investment stability.
India and Russia have reaffirmed their commitment to strengthening economic cooperation across multiple sectors, signaling a renewed push to elevate bilateral trade, investment flows, and technological collaboration. The shared vision was outlined in a joint statement issued on Friday following a high-level meeting between Prime Minister Narendra Modi and Russian President Vladimir Putin.
During the discussions, both leaders emphasized the need to expand balanced and sustainable two-way trade, with a special focus on increasing India’s exports to Russia. They also highlighted the importance of enhancing industrial cooperation, forging new investment partnerships, and exploring emerging opportunities in advanced high-technology sectors.
One of the key outcomes of the meeting was the leaders’ endorsement of the Programme for the Development of Strategic Areas of India-Russia Economic Cooperation till 2030. The framework aims to guide long-term engagement between the two nations, creating a roadmap for collaboration in priority areas ranging from energy and minerals to technology and mobility.
Push for Free Trade Agreement Gains Momentum
Prime Minister Modi and President Putin welcomed the intensified efforts toward finalizing a Free Trade Agreement (FTA) in goods between India and the Eurasian Economic Union (EAEU). The proposed agreement, once concluded, is expected to reduce trade barriers, accelerate economic activity, and create new market opportunities for businesses on both sides.
The leaders also instructed negotiators from both countries to speed up discussions on a mutually beneficial agreement for the promotion and protection of investments. This step is aimed at giving investors greater confidence and ensuring stronger safeguards for cross-border investments.
Commitment to Strengthening Financial Connectivity
Recognizing the need for uninterrupted bilateral trade, India and Russia agreed to continue developing mechanisms for settlements in national currencies. This includes expanding the use of the Indian Rupee and Russian Ruble for trade payments, thereby reducing dependence on global payment systems vulnerable to geopolitical disruptions.
Both nations also agreed to advance consultations on interoperability between their national payment systems, financial messaging platforms, and central bank digital currencies (CBDCs). Such cooperation is expected to modernize financial exchanges and support secure, resilient trade operations.
Cooperation in Fertilisers and Skilled Workforce Mobility
Ensuring long-term food security and agricultural productivity, the two sides welcomed efforts to secure a sustained supply of fertilisers to India. Discussions also included the possibility of establishing joint ventures in fertiliser production, which could further bolster India’s agricultural supply chain.
The leaders also appreciated agreements related to mobility of skilled professionals, enabling qualified workers from each country to access employment opportunities in the other. This is expected to enhance people-to-people ties and support industrial growth.
Focus on Mineral Resources and Strategic Raw Materials
India and Russia underscored the importance of reliable and mutually beneficial trade in mineral resources, including energy products, precious stones, metals, and critical raw materials. Ensuring stable access to these resources is crucial for maintaining international supply chain resilience, the leaders noted.
Efficient cooperation in this area, they added, forms an essential element of both countries’ national security and economic stability.
Energy Cooperation Remains a Strategic Pillar
The energy sector continues to be one of the strongest pillars of the Special and Privileged Strategic Partnership between the two nations. The joint statement highlighted active and potential collaboration in key areas such as:
oil and petroleum products
oil refining and petrochemical technologies
LNG and LPG infrastructure
upstream technologies and oilfield services
underground coal gasification (UCG)
nuclear energy projects
The leaders stressed the need for rapid resolution of pending issues linked to strategic investment projects in the energy sector. They also agreed to jointly address the challenges faced by investors to ensure seamless implementation of ongoing and future collaborations.
A Renewed Vision for the Future
With their shared emphasis on economic diversification, technological advancement, and strategic energy cooperation, the latest agreements mark a significant step forward in India-Russia relations. As both countries navigate a shifting global economic landscape, the commitment to deeper engagement will play a crucial role in shaping long-term stability and growth.
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