Moscow: As the 22nd Annual Bilateral Summit between India and Russia that was held on July 8 and 9 in Moscow came to an end, Prime Minister Narendra Modi and Vladimir Putin, President of the Russian Federation held a thorough exchange of views on current issues of bilateral practical cooperation and issued a joint statement.
During the two-day summit, the two countries discussed ways to further shore up bilateral cooperation in sectors such as energy, trade, manufacturing and fertilisers.
PM Modi on Monday began a high-profile visit to Russia to hold the 22nd India-Russia annual summit with President Vladimir Putin, in his first trip since the start of Moscow’s invasion of Ukraine.
The two leaders also discussed the development of the Russia-India Special and Privileged Strategic Partnership, firmly adhering to the principles of mutual respect and equality, and the sovereign development of the two countries on a mutually beneficial and long-term basis.
Besides, the leaders sought to give additional impetus to the deepening of bilateral interaction by promoting Russia-India trade and economic cooperation, guided by the intention to maintain the trend of dynamic growth of trade in goods and services between the two states. They also sought the desire to ensure a significant increase in its volume by 2030, declaring the following:
Bilateral economic cooperation between the Russian Federation and the Republic of India, hereinafter referred to as the “Parties”, is planned to be developed including the following nine key areas:
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 EAEU-India Free Trade Area. Achievement of a mutual trade volume of 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.
2. Development of a bilateral settlement system using national currencies. 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, the Northern Sea Route and the Chennai-Vladivostok Sea Line. Optimization of customs procedures through the application of intelligent digital systems for barrier-free movement of goods.
4. Increase in 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. Facilitation of mutual and international energy security, i.e. taking into account the prospects of global energy transition.
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 into 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.
7. Promotion of investments and joint projects across various sectors of the 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 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.
9. 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.
PM Modi Emplanes for Austria From Moscow
PM Modi on Tuesday departed for Austria after the fruitful two-day visit to Russia. Last night, the Russian President hosted a private dinner for PM Modi at the former’s residence on the outskirts of Moscow.
The Ukraine conflict also came up during Modi’s talks with Putin. Modi told Putin that a solution to the Ukraine conflict is not possible on the battlefield and that peace talks do not succeed amidst bombs, guns and bullets.
Earlier in the day, President Putin thanked Prime Minister Modi for trying to help find a peaceful solution to the Ukraine crisis. “I am grateful to you for the attention you pay to the most pressing issues, particularly trying to find ways to resolve the Ukraine crisis, primarily through peaceful means,” Putin was quoted as saying by the official TASS news agency.
Modi was on Tuesday officially conferred the ‘Order of St Andrew the Apostle’ award by President Putin for his contribution to fostering bilateral ties between the two countries.
The award was announced in 2019. When Modi lands in Vienna, it will be the first visit by an Indian prime minister to Austria in over 40 years, the last being of Indira Gandhi in 1983.
(with PTI inputs)
PM Modi, Putin Issue Joint Statement, Share 9 Key Areas on Bilateral Economic Cooperation Till 2030 world-news World News | Latest International Global World News | Todays Breaking News Headlines
