India and Russia set USD 100 billion trade target by 2030, explore EAEU-India Free Trade Area
First Published: 10th July, 2024 8:54 IST
Prime Minister Narendra Modi and Russian President Vladimir Putin met in Moscow on Tuesday
Prime Minister Narendra Modi and Russian President Vladimir Putin met in Moscow on Tuesday and outlined their goals to eliminate non-tariff trade barriers and achieve a mutual trade volume of over USD 100 billion by 2030.
The two leaders also decided to continue dialogue on the liberalization of bilateral trade, including the possibility of establishing the EAEU-India Free Trade Area, according to the Leaders’ Joint Statement released following the meeting.
“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,” the statement read.
They also decided to work on developing a bilateral settlement system using national currencies and the consistent introduction of digital financial instruments for mutual settlements.
The two countries will focus on increasing cargo turnover with India through the launch of new routes for the North-South International Transport Corridor, the Northern Sea Route, and the Chennai-Vladivostok Sea Line. They will also optimize customs procedures through the application of intelligent digital systems for barrier-free movement of goods.
They will work to raise the volume of bilateral trade in agricultural products, food, and fertilizers, and maintain an intensive dialogue aimed at removing veterinary, sanitary, and phytosanitary restrictions and prohibitions.
India and Russia will work for “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. Facilitation of mutual and international energy security, i.a. taking into account the prospects of global energy transition.”
The leaders stressed strengthening interaction in the fields of infrastructure development, transport engineering, automobile production and shipbuilding, space and other industrial sectors; facilitation of entry of Indian and Russian companies into each other’s markets by creating subsidiaries and industrial clusters, and convergence of approaches of the Parties in the fields of standardization, metrology and conformity assessment.
The two nations will promote investments and joint projects across various sectors, including the digital economy, science and research, educational exchanges, and internships for employees of high-tech companies. They will also facilitate the creation of new joint (subsidiary) companies by providing favourable fiscal regimes.
India and Russia will work to promote systematic cooperation in the development and supply of medicines and advanced medical equipment. They will also study the possibility of opening branches of Indian medical institutions in Russia and recruiting qualified medical personnel as well as strengthening coordination in the field of medical and biological safety.
PM Modi and President Putin also decided to work for the development of humanitarian cooperation, and consistent expansion of interaction in the fields of education, science and technology, culture, tourism, sports, healthcare and other areas.
“The President of the Russian Federation and the Prime Minister of the Republic of India instructed the Russian-Indian Intergovernmental Commission on Trade, Economic, Scientific, Technical and Cultural Cooperation to study the identified priority areas and to assess the progress at its next meeting,” the joint statement added.
Prime Minister Modi concluded his two-day visit to Russia and departed for Austria on Tuesday.
As part of the second leg of his visit, PM Modi will be in Austria on July 9-10. This visit marks a historic occasion as it will be the first time an Indian Prime Minister has visited Austria in 41 years.
Earlier in the day, PM Modi was ceremoniously presented with the Order of St Andrew the Apostle the First-Called, Russia’s highest civilian honour, by Russian President Vladimir Putin.
Notably, the award was bestowed on PM Modi in 2019, but he received it physically today.
The Prime Minister was presented with this award for his distinguished contribution to the development of a privileged strategic partnership between Russia and India and friendly ties between the two countries. (ANI)
COMMENTS
![](assets/images/article/fb.jpg)
TOPMOST STORY NOW
![Banner](https://northeastlive.s3.amazonaws.com/media/uploads/2024/09/Untitled-design-7.png)
Live Kuki-Zos Protest Removal of Assam Rifles, Plans Mass Agitations from Tomorrow
07th September 2024![Banner](https://northeastlive.s3.amazonaws.com/media/uploads/2024/09/Untitled-design-6.png)
Live Manipur Violence: CM Biren Singh Holds 2 Cabinet Meets in Less Than 24 Hours, Meets Governor Acharya
07th September 2024![Banner](https://northeastlive.s3.amazonaws.com/media/uploads/2024/09/Untitled-design-5.png)
Live SDF Leader Tshering Wangdi To Quit Party Soon, Will Join SKM
07th September 2024![Banner](https://northeastlive.s3.amazonaws.com/media/uploads/2024/09/Untitled-design-4.png)
Live Tripura: Woman Stripped and Assaulted by Locals after Husband Commits Suicide
07th September 2024WE RECOMMEND
![Banner](https://northeastlive.s3.amazonaws.com/media/uploads/2024/09/ins.png)
INS Arighaat fitted with 3,500 km strike range missiles, 70 pc indigenous content
The INS Arighaat has been fitted with missiles that can hit targets at a range of over 3,500 kms and will be a strong deterrent for the country, sources told ANI.
07th September 2024![Banner](https://northeastlive.s3.amazonaws.com/media/uploads/2024/09/vinesh.png)
Congress fields Vinesh Phogat from Julana in first list of 31 Haryana candidates, CM Saini says each person has own opinion about ideology
The Congress on Friday released its first list of 31 candidates for Haryana assembly elections and fielded former wrestler Vinesh Phogat from Julana.
07th September 2024![Banner](https://northeastlive.s3.amazonaws.com/media/uploads/2024/09/praveen-1.png)
“Did not want regret this time…”: Paralympics gold medalist Praveen Kumar after historic win
In the medal round, Praveen performed a record-breaking jump of 2.08 metres. With this jump, he has established an all-new Asian record.
07th September 2024![Banner](https://northeastlive.s3.amazonaws.com/media/uploads/2024/09/hokato-cover.png)
Paris Paralympics: Hokato Sema secures bronze for India in men’s F57 shot put final
In the medal match, Hokato recorded the best throw of 14.65 m, which is also his personal best now.
07th September 2024![Banner](https://northeastlive.s3.amazonaws.com/media/uploads/2024/09/BJP-COVER.png)
BJP completes one crore members in three days
Posting a video on X, the BJP captioned it stating, "one crore and counting, 'ye toh bs shuruaat h'.. ".
06th September 2024