Prime Minister Narendra Modi on Friday expressed confidence that the $100 billion bilateral trade target between India and Russia will be achieved well before the 2030 deadline, as he invited greater Russian investment in the country.
Speaking at the India-Russia Business Forum alongside visiting Russian President Vladimir Putin, the Prime Minister highlighted expanding areas of cooperation that include logistics and connectivity, marine products, auto, pharma and textiles.
President Putin underscored the importance of early signing of a preferential trade agreement between India and the Eurasian Economic Union (EEU), saying it would reduce barriers and facilitate smoother movement of goods, services and capital.
He reiterated that both regions must work to ensure uninterrupted financial transactions through resilient settlement, payment and insurance mechanisms, and noted the advantages of using national currencies in trade.
Modi recalled that last year, Putin and he set a target of reaching $100 billion in bilateral trade by 2030.
"However, after further discussions with President Putin and considering the tremendous potential in our partnership, I am confident that we will achieve this target well ahead of schedule. We are making rapid progress towards this goal," Modi said.
He stressed that simplified and predictable mechanisms are being created for businesses and that discussions have already begun on a free trade agreement with the EEU.
Whether it is business or diplomacy, the foundation of any partnership is mutual trust, Modi said.
"The greatest strength of India-Russia relations is this trust. It is this trust that gives direction to our joint efforts and also provides momentum," the Prime Minister said, adding that this is the launchpad that gives inspiration to take flight towards new dreams and aspirations.
The Prime Minister said India’s global leadership in affordable and efficient electric vehicles, two wheelers and CNG mobility solutions combined with Russia’s strength in advanced materials can support partnership in EV manufacturing, automotive components and shared mobility technologies.
Such collaboration, he said, can help meet domestic requirements and contribute to development across the Global South.
"Come Make In India, partner with India, and together let's make for the world," he said.
The Prime Minister informed the gathering that India is in the process of opening the civil-nuclear sector, which will create new opportunities, saying "this is not an administrative reform, but mindset reform".
Also, India and Russia can cooperate in the development of vaccines and cancer therapy, he added.
Modi also said the two countries can create a 'Russia-ready' workforce, and also cooperate in fertiliser, cement, ceramics and electronic sectors.
He also proposed the creation of a workforce equipped with skills aligned to Russian industry needs.
Putin, who is on a two-day official visit here, said it is important for both regions to reduce barriers to facilitate the movement of goods, services and capital.
"In this regard, a strong impetus, as it seems, could be given by the rapid signing of a preferential trade agreement between India and the Eurasian Economic Union," he noted.
Putin said the Russian delegation is here not only to discuss energy issues, but also to sign contracts for the supplies of oil and gas.
"What we want is the development of our multi-faceted relations with India in various fields," he said, adding that Russian firms are ready to increase manifold purchases of goods and services from India.
The Russian President also emphasised that free trade is "unthinkable" without a resilient bilateral settlement and reliable payment and insurance mechanisms.
He said tangible advantages are offered by the use of national currencies in trade.
It is important to ensure uninterrupted financial transactions regardless of external development, he added.
The India-Russia cooperation, he said, should not be limited to trade alone.
"We should move on to enhance our industrial cooperation together...We are ready for broad cooperation within the field of artificial intelligence, where our countries have already advanced a lot," he said.
Earlier in the day, Modi and Putin held summit level talks that drew global attention.