Russia-India aim to boost trade to over 100 billion USD by 2030

It commits both nations to deepening bilateral interaction, promoting trade and economic cooperation, and maintaining the trend of dynamic growth in trade volume.

Who it concerns: The agreement involves the Russian Federation and the Republic of India. It affects ministries and sectors including trade, energy (nuclear, oil refining, petrochemicals), agriculture, infrastructure, transport, automobile production, shipbuilding, space, digital economy, science, education, healthcare, and tourism. It specifically mentions Indian and Russian companies, high-tech companies, and medical institutions.

What was agreed

• Achievement of a mutual trade volume of more than 100 billion USD by 2030.
• Aspiration to eliminate non-tariff trade barriers and continue dialogue on establishing an EAEU-India Free Trade Area.
• Development of a bilateral settlement system using national currencies and introduction of digital financial instruments.
• Launch of new routes for the North-South International Transport Corridor, Northern Sea Route, and Chennai-Vladivostok Sea Line.
• Increase in bilateral trade in agricultural products, food, and fertilizers, including removing veterinary and sanitary restrictions.
• Development of cooperation in nuclear energy, oil refining, petrochemicals, and energy infrastructure.
• Strengthening interaction in infrastructure, transport engineering, automobile production, shipbuilding, and space sectors.
• Promotion of investments and joint projects in the digital economy, science, and research.
• Systematic cooperation in the development and supply of medicines and advanced medical equipment.
• Expansion of humanitarian cooperation in education, culture, tourism, sports, and healthcare.

Also in the document

• Target of achieving mutual trade volume exceeding 100 billion USD by 2030.
• Commitment to develop a bilateral settlement system using national currencies.
• Specific mention of expanding cooperation in nuclear energy and oil refining/petrochemicals.
• Instruction for the Russian-Indian Intergovernmental Commission to study priority areas and assess progress at its next meeting.