India and Russia target $100 billion trade by 2030, advance free trade agreement: Foreign Secretary

Trade between India and Russia in the financial year ending March 2024 saw a 33% rise over the previous year

July 10, 2024

PM Modi, Putin discuss advancing FTA with Eurasian Economic Union

On Tuesday, Foreign Secretary Vinay Kwatra announced that India and Russia have established a new goal of achieving $100 billion in bilateral trade by 2030. This commitment came as Prime Minister Narendra Modi and Russian President Vladimir Putin explored expanded economic engagement, encompassing trade, capital connections, energy, science, and technology collaboration, as well as defence and security discussions.

Trade between India and Russia stood at $65.7 billion in the financial year ending March 2024, a 33 percent rise over the previous year.

In a media briefing, Kwatra said that a significant component of the bilateral meetings was to how the partnership between India and Russia can also give a fillip to ‘Make in India’ and other manufacturing partnerships across a whole range of economic domains.

“PM Modi took up the need to broaden the trade basket between the two countries and in this regard, spoke about a greater market access for Indian goods, both in the agriculture and the industrial sector,” he said.

The two leaders also spoke about the need to move forward on the free trade agreement (FTA) with the Russian-led Eurasian Economic Union (EEU).

“We have had one round of discussions between the two countries and it is expected that this would be expedited in the months ahead,” said Kwatra.

The two sides have signed nine documents, principally in the economic space. The two leaders also spoke about the new proposed corridor — the Chennai-Vladivostok Eastern Maritime Corridor. They also focused on important areas in the economic domain, particularly fertilizer supply from Russia to India which is directly linked to the crop production and the farmers’ yield in India.

In the nuclear energy field, the continuing cooperation on the economic nuclear power projects was discussed between the two leaders. Earlier, PM Modi was conferred the Order of St. Andrew the Apostle the First-Called, Russia’s highest civilian award.

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