PM Modi: India-Russia Friendship Shines with New Economic Pacts
India and Russia have established an Economic Cooperation Programme until 2030, targeting $100 billion in bilateral trade within five years. This strategic partnership emphasizes innovation, co-production, and co-creation. Key agreements cover workforce mobility, fertilizers, food safety, and shipping. Both nations also committed to collaborating on critical minerals and implementing national currency settlements, signaling a strengthened and multifaceted alliance, described by PM Modi as a 'guiding star'.
India and Russia have formalized an ambitious Economic Cooperation Programme set to run until 2030, with a primary objective of elevating bilateral trade to an impressive $100 billion over the next five years. This initiative underscores a deepening strategic partnership, characterized by a shared vision for innovation, co-production, and co-creation across various sectors. The two nations have signed significant pacts addressing critical areas such as workforce mobility, ensuring a smoother exchange of talent; the supply of fertilizers, crucial for agricultural stability; food safety standards, to facilitate secure trade of produce; and shipping logistics, to enhance connectivity and trade routes. Beyond these immediate agreements, the collaboration extends to the vital domain of critical minerals, where joint efforts are expected to secure essential resources for both economies. A significant move towards greater economic autonomy is the commitment to utilize national currency settlements, reducing reliance on third-party currencies and fostering a more direct financial relationship. PM Modi aptly described this evolving bond as 'India-Russia friendship is like a guiding star,' highlighting the long-term, stable, and mutually beneficial nature of their alliance. This comprehensive framework aims to boost economic growth, foster technological advancement, and solidify the geopolitical ties between India and Russia, projecting a future of sustained cooperation and development.