India and Russia agreed to increase bilateral trade to 100 billion dollars by 2030.
Prime Minister Narendra Modi and Russian President Vladimir Putin attended the 22nd Annual Summit.
In the joint statement, both countries highlighted the need to resolve the “conflict around Ukraine peacefully”.
Both leaders also agreed to a cooperation statement on Russia’s Far East projects.
A joint vision statement on trade and economic cooperation by the end of the decade has been also issued.
This joint vision includes the elimination of non-tariff barriers, the development of a bilateral settlement system using national currencies, using new connectivity routes, etc.
Chennai-Vladivostok maritime route and Northern Sea Route and the International North-South Transport Corridor via Iran will be developed.
India and Russia signed many MoUs related to climate change, polar research, legal arbitration and pharmaceutical certification and other issues.
Russia and India agreed to open two new consulates in Kazan and Yekaterinburg to help facilitate services for the growing community.
In 2023, Russia-India trade grew by 66%, and 20% in the first quarter of 2024.
