Moscow summit focused on Russia-India Strategic Partnership
Russian President Vladimir Putin and Prime Minister Narendra Modi have discussed the establishment of the Eurasian Economic Union (EAEU) and India Free Trade Area https://www.pmindia.gov.in/en/ which would help build a mutual trade volume of more than US$100 billion by 2030 (as mutually agreed) .
The pact would include increasing 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 http://www.ircc.ind.in/ .
Such agreement would eliminate non-tariff trade barriers related to bilateral trade between India and Russia, they agreed, calling for continuation of dialogue in the field of liberalization of bilateral trade https://www.nseindia.com/ .
The two leaders have 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 the next annual bilateral summit https://www.bseindia.com/ .
The instruction was issued following the 22nd Annual Bilateral Summit between Russia and India held on 8-9 July 2024 in Moscow https://www.fieo.org/ .
The two leaders 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 https://indianembassy-moscow.gov.in/index.php .
The leaders call on their officials to:
firmly adhere to the principles of mutual respect and equality, the sovereign development of the two countries on a mutually beneficial and long-term basis;
seek to give additional impetus to the deepening of bilateral interaction by promoting Russia-India trade and economic cooperation https://sbi.com.in/ ;
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.
Bilateral economic cooperation between the Russian Federation and the Republic of India, hereinafter referred to as the “Parties”, is planned to be developed including in the following nine key areas https://india.mid.ru/en/ :
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 Eurasian Economic Union (EAEU) and India Free Trade Area. Achievement of a mutual trade volume more than US$100 billion 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 https://rbi.org.in/ . Consistent introduction of digital financial instruments into mutual settlements.
3. Increase of cargo turnover with India through the launch of new routes of the North-South International Transport Corridor http://msc.com , the Northern Sea Route and the Chennai-Vladivostok Sea Line http://shipindia.com . Optimization of customs procedures through the application of intelligent digital systems for barrier-free movement of goods http://maersk.com .
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 http://aramco.com . Facilitation of mutual and international energy security, such as taking into account the prospects of global energy transition https://www.opec.org.
6. Strengthening of 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 in each other’s markets by creating subsidiaries and industrial clusters. Convergence of approaches of the Parties in the fields of standardization, metrology and conformity assessment https://www.abudhabichamber.ae/en .
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. Facilitation of the creation of new joint (subsidiary) companies by providing them with favourable fiscal regimes.
8. Promotion of systematic cooperation in the development and supply of medicines and advanced medical equipment. Studying of the possibility of opening branches of Indian medical institutions in Russia and recruiting qualified medical personnel as well as strengthening of coordination in the field of medical and biological safety.
9. Development of humanitarian cooperation, consistent expansion of interaction in the fields of education, science and technology, culture, tourism, sports, healthcare and other areas. Fiinews.com
