Russia and India set new trade target
Russia and India have set a goal of reaching $100 billion in bilateral trade by 2030, according to President Vladimir Putin’s top economic adviser, Maksim Oreshkin.
Putin met with Indian Prime Minister Narendra Modi for bilateral talks on Tuesday, during which they negotiated on a wide range of issues, including strengthening cooperation, as well as the peaceful resolution of the Ukraine crisis.
“The figures show that [trade] development is taking place here, and very actively,” Oreshkin said, adding that Putin and Modi had agreed on a common plan of strategic cooperation until 2030.
Oreshkin also said the heads of state had discussed the use of Indian and Russian payment systems, adding that “the infrastructure for ensuring trade and investment interaction is one of important issues” for the two nations.
Bilateral trade between the nations has already almost tripled in the past two years, with India ramping up energy, fertilizer, and coal exports from Russia, New Delhi’s envoy to Moscow had previously told RT, adding that the South Asian state was planning to boost exports to Russia.
Last month, RIA Novosti reported, citing customs data, that the volume of bilateral trade between Russia and India had continued to grow, hitting a record $23.1 billion in the first four months of the current year, marking a 10% rise versus the same period in 2023.
In recent years, India has become one of Russia’s biggest trade partners as Moscow turned to friendly Asian economies following the imposition of Western sanctions due to the Ukraine conflict.
