PM Modi, President Putin agree to ramp up India-Russia trade till 2030
New Delhi: India and Russia have agreed to extend their economic cooperation programme to grow trade through 2030, Prime Minister Narendra Modi announced at a press conference with President Vladimir Putin.
“We’re trying for an early conclusion of the FTA with the Eurasian Economic Union. India and Russia have agreed on an economic cooperation program to expand trade till 2030,” PM Modi said after talks with President Putin.
Both sides are pushing to hit the ambitious goals set by their leaders—$50 billion in joint investments by 2025 and $100 billion in annual bilateral trade by 2030.
During the meeting, the leaders signed a number of agreements that cover sectors from fertilisers to food safety and shipping, underscoring the breadth of the partnership.
Russia has also committed to provide continuous fuel supplies to support India’s growing economy, President Putin told reporters. “We are ready to continue uninterrupted shipments of fuel for the growing Indian economy.”
An Indian company has entered into a deal with Russia’s URALCHEM to build a urea plant in Russia, a milestone in industrial cooperation between the two countries.
In the larger context of the visit, the leaders reviewed progress in their relationship and discussed regional and global matters that matter to both.
Memoranda of understanding were signed covering topics such as food safety, ship operations and training, medical sciences, and consumer protection. The agreements linked organisations like the FSSAI, Russia’s consumer protection body, and firms in the chemicals and fertilisers sector.
The Prime Minister highlighted plans for close cooperation on urea production.
Later, India and Russia formalised a MoU for collaboration in the port and shipping sector, further strengthening maritime logistics ties.
On a broader multilateral front, Russia agreed to join the International Big Cat Alliance framework, an initiative led by India.
Addressing the joint press conference, PM Modi noted that President Putin’s visit comes at a time when India‑Russia relations have reached several historic milestones. He reflected that the world has seen many ups and downs over the past decade, yet India‑Russia ties have endured.
He also recalled that almost a quarter‑century ago, President Putin set the foundation for the India‑Russia strategic partnership.
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