India And Russia Set Long-Term Trade Expansion Plan Through 2030

Prime Minister Narendra Modi announced on Friday that India and Russia have agreed to a new economic cooperation programme designed to boost trade significantly over the next several years. He made the statement during a joint press briefing with Russian President Vladimir Putin following their talks in New Delhi.

“We are trying for an early conclusion of the FTA with the Eurasian Economic Union. India and Russia have agreed on an economic cooperation program to expand trade till 2030,” PM Modi stated.

The two countries are aiming to achieve $50 billion in mutual investments by 2025. They also plan to raise annual trade to $100 billion by the end of the decade. These goals were previously set by the leadership of both nations.

India and Russia signed several important agreements in the presence of PM Modi and President Putin, covering:

1. Fertilisers,
2. Food standards,
3. Maritime cooperation and
4. Industrial partnership

President Putin assured India of continuous energy supplies, noting that Russia is committed to supporting fuel requirements for India’s growing economy. This comes as part of broader efforts to reinforce bilateral relations.

Among the key outcomes, Indian companies signed an agreement with the Russian firm URALCHEM to establish a urea manufacturing facility in Russia. This marks a major step in joint industrial development.

The leaders also adopted a strategic programme meant to guide economic collaboration up to 2030. They reviewed ongoing cooperation and discussed international matters of common interest.

Several memorandums of understanding exchanged in fields including medical research, shipping operations, consumer protection and food safety, involving agencies such as India’s FSSAI and Russia’s supervisory bodies.

Both nations highlighted energy and fertiliser partnerships as key areas for continued cooperation.

Additionally, India and Russia signed an MoU on port and shipping collaboration, enhancing connectivity and maritime logistics.

In a wider conservation effort, Russia agreed to take part in the International Big Cat Alliance, an initiative led by India to protect endangered species such as tigers and lions.

PM Modi noted that President Putin’s visit comes at an important moment as the India–Russia relationship reaches major milestones. He recalled that nearly 25 years ago, Putin helped establish the basis for today’s strategic partnership, which has remained strong despite global uncertainties.

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