India and Russia aim to boost bilateral trade to $100 billion by 2030

India and Russia are looking to increase bilateral trade to $100 billion by 2030, address trade imbalances, and remove non-tariff trade barriers. They are also exploring the possibility of a Eurasian Economic Union (EAEU)-India Free Trade Area.

A joint statement was issued after talks between Prime Minister Narendra Modi and Russian President Vladimir Putin. The statement revealed plans to establish a bilateral settlement system using national currencies and introduce digital financial instruments into mutual settlements. During the meeting, Putin conferred the ‘Order of St Andrew the Apostle’ award on Modi for his efforts in fostering bilateral ties.

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On the ongoing Ukraine war, Modi expressed that peace efforts cannot succeed amidst bombs and bullets. He also flagged concerns over a missile strike on a children’s hospital in Kyiv, describing the deaths of innocent children as heart-wrenching. Putin praised Modi for his efforts to resolve the Ukraine crisis through peaceful means.

Economic collaboration in energy, trade, manufacturing, and fertilisers was a key focus during Modi’s visit to Moscow. Both countries have called for increased supplies of goods from India to achieve balanced trade and for renewed investment within special investment regimes.