Ukraine Conflict : Why India remains neutral in every conflict of the world|US and Russia Stand off
Channel: Satyanand Singh
Date: 31/01/2022

Brief on India-Russia Economic Relations

1. Enhancing trade and economic cooperation between India and Russia is a key priority for the political leadership of both the countries as is clear by the revised targets of increasing bilateral investment to US $ 50 billion and bilateral trade to US $ 30 billion by 2025.

2. As per Indian figures, bilateral trade during April 2020-March 2021 amounted USD 8.1 billion. Indian exports amounted USD 2.6 billion while imports from Russia amounted USD 5.48 billion. For the same period, as per Russian figures, bilateral trade amounted to USD 9.31 billion, with Indian exports amounting to USD 3.48 billion and imports amounting to USD 5.83 billion.

3. A number of institutionalized mechanisms have been set up for the development of economic cooperation between the two countries. The primary institution at the government level is the India Russia Intergovernmental Commission for Trade, Economic, Scientific & Cultural Cooperation (IRIGC-TEC). Further, pursuant to the decision taken during the 19th Bilateral Summit, the India-Russia Strategic Economic Dialogue (IRSED) has been established for cooperation in the field of development of economic policy and to encourage regular interactions and cooperation between the two countries. So far, 23 sessions of the IRIGC and 3 sessions of the IRSED meeting have taken place.

4. India is also contemplating an FTA/ CECA with the Eurasian Economic Union. The Eurasian Economic Union is one of the important emerging economic blocks, and India is keen to engage more closely with Russia and the CIS countries to further intensify our trade and economic cooperation with this region.

5. There have been regular bilateral exchanges at the highest levels. In 2021, Prime Minister Shri Narendra Modi addressed the Plenary session of the 6th Eastern Economic Forum in Vladivostok through a video message in presence of President Vladimir Putin. His message was well received by the Russian side and President Putin made special mention of Prime Minister’s concept of ‘Sangam’ as a development tool for countries in the region. Earlier during 04-06 September 2019, Prime Minister visited Vladivostok to participate in the 5th Eastern Economic Forum as Chief Guest. The 20th Indo-Russian Annual Summit was held during the visit, during which 50 agreements were signed, including 15 documents on Governmental level and 35 agreements related to economic and trade matters.

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