Putin and Modi announce $100 Billion trade target by 2030

NN ONLINE:

Russian President Vladimir Putin met Indian Prime Minister Narendra Modi on Friday at the 23rd Russia-India Summit, where both leaders agreed to broaden economic cooperation amid U.S. pressure on India to reconsider its longstanding ties with Moscow.

The summit comes at a critical juncture as the U.S. seeks a peace deal in Ukraine and pushes for global alignment. India faces the challenge of balancing its relations with Moscow and Washington as the war in Ukraine continues.

Modi welcomed Putin at the airport with a warm embrace and handshake. Following their talks, the leaders announced a new economic cooperation program extending to 2030, aiming to expand bilateral trade to $100 billion and strengthen energy partnerships. Last fiscal year, trade between the two countries totaled $68.7 billion, heavily favoring Russia.

Putin highlighted ongoing plans for India to establish a free trade zone with the Eurasian Economic Union, which could further boost trade. “Russia is a reliable supplier of energy and resources essential for India’s growth,” he said, reaffirming uninterrupted fuel supplies. Modi emphasized long-standing civil nuclear and energy cooperation, as well as future collaboration in clean energy, shipbuilding, fertilizers, and labor mobility.

The visit comes amid U.S. sanctions on Russian oil, with critics warning that India’s continued imports may complicate its negotiations for trade agreements with the EU and U.S. India maintains that its priority is securing energy for its 1.4 billion population, with both private and state oil companies making decisions based on market conditions.

Defense and trade cooperation were also highlighted, including faster delivery of S-400 missile systems, joint manufacturing of defense components, and upgrades to Russian-made Su-30MKI jets. India plans to boost exports of pharmaceuticals, agriculture, and textiles to Russia, while seeking long-term fertilizer supplies and protection for Indian migrant workers.

Putin last visited India in 2021, while Modi met him in Moscow last year and in China in September during a Shanghai Cooperation Organization summit.