As Modi wraps up historical visit, India-Russia ties elevated further
By IAR Desk
New Delhi: 10.07.2024: Indian Prime Minister Narendra Modi wrapped up his historic visit to Moscow, which came after five years and is his first visit to the Russian Federation, with pledges to elevate bilateral ties further along with his “friend” Russian President Vladimir Putin. The prime minister’s visit took place on 8-9 July.
Modi and Putin jointly chaired the 22nd India-Russia bilateral summit.
A joint statement was released by both sides and fifteen agreements signed.
Amongst the major agreements signed was Program of India-Russia cooperation in trade, economic and investment spheres in the Russian Far East for the period from 2024 to 2029 as well as of cooperation principles in the Arctic zone of the Russian Federation; on Cooperation in Research and Logistics in polar regions; Joint Investment Promotion Framework Agreement between Invest India and JSC “Management Company of Russian Direct Investment Fund”; Joint Investment Promotion Framework Agreement between Invest India and JSC “Management Company of Russian Direct Investment Fund”; Agreement on Cooperation and Collaboration on broadcasting between Prasar Bharati, India, and ANO “TV-Novosti” (Russia Today TV Channel), Russia.
Both sides agreed to set the bilateral trade target of USD 100 billion by 2030.
Both sides agreed to continue to jointly develop a bilateral settlement system through the use of national currencies . Both sides agreed to continue consultations on the connection of their financial information exchange systems. Both sides noted that it is important to find a mutually acceptable solution to insurance and reinsurance issues in order to further promote bilateral trade.
Plans are also afoot to continue and deepen cooperation in the nuclear power sector. “New areas of cooperation are also being discussed. We are talking about the construction of six more high-power units of Russian design in India at a new site and low-power nuclear power plants of Russian design,” the Rosatom statement on Tuesday said.
In a special ceremony in St. Andrew Hall in the Kremlin, President of the Russian Federation, H.E. Mr. Vladimir Putin conferred Russia’s highest national award “The Order of St. Andrew the Apostle” on Prime Minister Shri Narendra Modi for his contribution to fostering India-Russia ties. The award was announced in 2019.
