India and Russia announce joint statement on economic cooperation for period up to 2030

Following the 22nd Annual Bilateral Summit between Russia and India held on July 8-9, 2024 in Moscow, Vladimir Putin, President of the Russian Federation, and Narendra Modi, Prime Minister of the Republic of India, having held a thorough exchange of views on current issues of bilateral practical cooperation and the development of the Russia-India Special and Privileged Strategic Partnership. Both the nations are seeking to give additional impetus to the deepening of bilateral interaction by promoting Russia-India trade and economic cooperation, guided by the intention to maintain the trend of dynamic growth of trade in goods and services between the two states and the desire to ensure a significant increase in its volume by 2030. The countries have highlighted the following nine key areas as a part of the declaration:

 

1. Aspiration for elimination of non-tariff trade barriers related to bilateral trade between India and Russia. Continuation of dialogue in the field of liberalization of bilateral trade, including the possibility of the establishment of the EAEU-India Free Trade Area. Achievement of a mutual trade volume more than 100 bln USD by 2030 (as mutually agreed), including increased supplies of goods from India to achieve balanced bilateral trade. Reinvigoration of investment activities of the Parties, i.e. within the framework of the special investment regimes.

2. Development of a bilateral settlement system using national currencies.

3. Increase of cargo turnover with India through the launch of new routes of the North-South International Transport Corridor, the Northern Sea Route and the Chennai-Vladivostok Sea Line.

4. Increase of the volume of bilateral trade in agricultural products, food and fertilizers. Maintenance of an intensive dialogue aimed at removing veterinary, sanitary and phytosanitary restrictions and prohibitions.

5. Development of cooperation in key energy sectors, including nuclear energy, oil refining and petrochemicals and expanded forms of cooperation and partnership in the field of energy infrastructure, technologies and equipment.

6. Strengthening of interaction in the fields of infrastructure development, transport engineering, automobile production and shipbuilding, space and other industrial sectors.

7. Promotion of investments and joint projects across various sectors of digital economy, science and research, educational exchanges and internships for employees of high-tech companies.

8. Promotion of systematic cooperation in the development and supply of medicines and advanced medical equipment.

9. Development of humanitarian cooperation, consistent expansion of interaction in the fields of education, science and technology, culture, tourism, sports, healthcare and other areas.

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