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PM Modi: India-Russia friendship is like a guiding star
India and Russia have agreed on an Economic Cooperation Programme until 2030, aiming to boost bilateral trade to $100 billion within five years. The partnership emphasizes innovation, co-production, and co-creation, with pacts signed on workforce mobility, fertilizers, food safety, and shipping. Both nations will also collaborate on critical minerals and national currency settlements.
New Delhi: Prime Minister Narendra Modi described India's friendship with Russia as a “guiding star” as the two sides agreed on an Economic Cooperation Programme (ECP) until 2030 that's aimed at diversifying and expanding bilateral trade and investment.
Modi said India is prepared to walk shoulder to shoulder with Russia on a journey of innovation, co-production and co-creation. The ECP, which looks to achieve trade worth $100 billion in five years from nearly $70 billion now, was announced during the 23rd India-Russia Annual Summit held in New Delhi during Russian President Vladimir Putin's state visit to India.
The two sides signed several pacts covering the mobility of Indian workforce to Russia, fertilisers, food safety and shipping, agreeing to work toward harnessing critical minerals to bolster the economic partnership. ET was the first to report that pacts in these sectors will be inked at the Summit.
“Over the past eight decades, the world has witnessed many ups and downs. Humanity has faced numerous challenges and crises,” Modi said in a joint statement with Putin by his side. “Yet, through all of this, the India-Russia friendship has remained steady like a guiding star. Built on mutual respect and deep trust, our relationship has stood the test of time.”
Putin assured India of “uninterrupted shipments of fuel for the growing Indian economy,” as part of the strategy to bolster bilateral energy ties amid sanctions against Russian oil companies Rosneft and Lukoil.
The PM also hailed Putin's role in consolidating bilateral ties since 2000. “Over the past two and a half decades, he has continually nurtured this relationship with his leadership and vision,” he said. “His leadership has elevated our mutual ties to new heights in every circumstance,” said Modi. “I sincerely thank President Putin, my friend, for his deep friendship with India, and his unwavering commitment.”
The two sides noted the current and potential cooperation between Indian and Russian companies in fields such as oil and oil products, oil refining and petrochemical technologies, oilfield services and upstream technologies and related infrastructure, LNG and LPG-related infrastructure, various existing projects, underground coal gasification (UCG) technology and nuclear projects.
Prime Minister Modi, while addressing the India-Russia forum along with Putin, said there is a need to develop sustainable solutions to global challenges. “Today, India and Russia are embarking together on a new journey of innovation, co-production, and co-creation,” Modi said.“Our goal is not limited to increasing mutual trade. We want to ensure the wellbeing of all humanity. To do this, we need to develop sustainable solutions to global challenges. India is fully prepared to walk shoulder to shoulder with Russia on this journey. I want to say to all of you: come, make in India, partner with India, and together, let us make for the world.” He expressed optimism that India and Russia will cross the $100 billion trade target even before 2030.
At the summit, Russia and India agreed to continue jointly developing systems of bilateral settlements through the use of national currencies in order to ensure the uninterrupted maintenance of bilateral trade. Additionally, they agreed to continue consultations on enabling the interoperability of national payment and financial messaging systems as well as central bank digital currency platforms. Foreign secretary Vikram Misri said that over two dozen vostro accounts are operational for trade in the national currencies.
In his remarks to the press following the summit, Modi extensively dealt with various dimensions of the partnership, including connectivity and mobility of the Indian workforce. “Manpower mobility will not only connect our people but also create new strength and new opportunities for both countries,” he said. “I am pleased that two agreements have been concluded today to promote this cooperation. We will work together on vocational education, skilling, and training. We will also enhance exchanges between our students, scholars, and sportspersons.”
Both sides are seeking the early conclusion of a free trade agreement with the Eurasian Economic Union. “Our close cooperation in the fields of agriculture and fertilizers is vital for food security and farmer welfare,” Modi said. “I am pleased that, taking this cooperation forward, both sides are now working together on urea production.”
Enhancing connectivity between the two countries is a key priority, he added. “We will move forward with renewed energy on the INSTC (International North-South Transport Corridor), the Northern Sea Route, and the Chennai-Vladivostok Corridor,” the PM said. “I am pleased that we will now cooperate on the training of India's seafarers for operations in polar waters. This will not only strengthen our collaboration in the Arctic but also create new employment opportunities for the youth of India.”
Cooperation in shipbuilding has the potential to further strengthen Make in India. “It is yet another excellent example of our win-win partnership, which will enhance jobs, skills, and regional connectivity,” he said.
The PM also highlighted how India can benefit from Russia's critical mineral deposits. “Our cooperation in critical minerals is vital for ensuring secure and diversified supply chains across the world,” Modi said. “This will provide strong support to our partnership in clean energy, high-tech manufacturing, and new-age industries.”
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Source: EconomicTimes
Related Posts: India-Russia Economic Cooperation Programme,India Russia friendship,Bilateral trade and investment,India-Russia Annual Summit,Economic partnership,PM Modi Russia visit 2023
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