India, Russia agree on Economic Cooperation Programme till 2030 to diversify trade

New Delhi [India], December 6 (ANI): India and Russia have agreed on an Economic Cooperation Programme till 2030 in order to diversify trade and investment linkages with Prime Minister Narendra Modi and President Vladimir Putin talking about improving connectivity and enhancing relations in shipbuilding, energy and critical minerals.
The two leaders, who held bilateral talks, also attended plenary session of the India-Russia Trade Forum.
"President Putin and I attended the Plenary Session of the India-Russia Trade Forum. This platform will add fresh momentum to our business ties and also open new avenues for innovation as well as growth," PM Modi said in a post on X.
Earlier in the day, the two leaders attended the 23rd India-Russia Annual Summit and discussed diverse aspects of bilateral cooperation.
"Today's 23rd India-Russia Annual Summit was an opportunity to comprehensively discuss diverse aspects of India-Russia cooperation. We have agreed on an Economic Cooperation Programme till 2030 in order to diversify our trade and investment linkages. We talked about improving connectivity, enhancing relations in shipbuilding, skills, energy, critical minerals and much more," PM Modi said on X.
The Prime Minister said he reiterated India's strong commitment to peace and to finding a peaceful and lasting solution to the conflict in Ukraine.
"A key part of the India-Russia friendship is our cultural and people-to-people ties. This has been strengthened with the opening of two new Indian consulates in Russia and the holy Buddhist relics going to Russia in recent times. There is also immense potential in areas like education, skill development and training. Global issues also featured prominently in the talks with President Putin. I reiterated India's strong commitment to peace and to finding a peaceful and lasting solution to the conflict in Ukraine. We emphasised the need to jointly combat the menace of terrorism. We also agreed to keep working closely in various multilateral forums," he said
In the Joint Statement following the 23rd India-Russia Annual Summit, the two Leaders reaffirmed their shared ambition to expand bilateral trade in a balanced and sustainable manner, including by increasing India's exports to Russia, strengthening industrial cooperation, forging new technological and investment partnerships, especially in advanced high-technology areas and finding new avenues and forms of cooperation.
The Leaders welcomed the adoption of the Programme for the Development of Strategic Areas of India - Russia Economic Cooperation till 2030 (Programme 2030).
The Leaders appreciated the ongoing intensification of the joint work on a Free Trade Agreement on goods between India and the Eurasian Economic Union covering sectors of mutual interest. They also directed both Sides to intensify efforts in negotiations on a mutually beneficial agreement on the promotion and protection of investments, the statement said.
The Leaders welcomed the results of the 25th and 26th Sessions of the India-Russia Intergovernmental Commission on Trade, Economic, Scientific, Technical and Cultural Cooperation (IRIGC-TEC) and the India-Russia Business Forum held in New Delhi (November 2024) and Moscow (August 2025) respectively.
The Sides underline the importance of an open, inclusive, transparent and non-discriminatory multilateral trade system with the World Trade Organization at its core. Both Sides emphasised that addressing tariff and non-tariff trade barriers, removing bottlenecks in logistics, promoting connectivity, ensuring smooth payment mechanisms, finding mutually acceptable solutions for issues of insurance and reinsurance and regular interaction between the businesses of the two countries are among the key elements for timely achievement of the revised bilateral trade target of USD 100 billion by 2030.
Russia and India have agreed to continue jointly developing systems of bilateral settlements through use of the national currencies in order to ensure the uninterrupted maintenance of bilateral trade. Additionally, the Sides have agreed to continue their consultations on enabling the interoperability of the national payment systems, financial messaging systems, as well as central bank digital currency platforms.
The Sides welcomed steps to ensure long-term supply of fertilizers to India and discussed the potential establishment of joint ventures in this area.
The Sides welcomed the signing of agreements related to mobility of skilled workers.
The Russian Side welcomed the participation of Indian delegations in the Saint Petersburg International Economic Forum (June 2025) and the Eastern Economic Forum (September 2025). The two Sides noted the contribution of the India-Russia Business Dialogue organised on the sidelines of these economic forums for promotion of bilateral trade, economic and investment cooperation.
The Leaders noted the importance of productive and mutually beneficial bilateral trade in mineral resources, including energy sources, precious stones and metals, as well as critical raw materials for the reliability of the international supply chains. Efficient cooperation in this area, carried out by Russia and India as sovereign states, is a significant component of their national security and social well-being. (ANI)
At the invitation of Prime Minister Narendra Modi, the Putin, paid a State visit to India on December 4-5 for the 23rd India-Russia Annual Summit. (ANI)