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India and Russia target $100 billion trade by 2030

During the 22nd Annual Summit in Moscow, India and Russia have set an ambitious trade target of 100 billion dollars by 2030. In a significant move, the two nations signed nine Memorandums of Understanding (MoUs) spanning multiple sectors including Environment and Climate Change, Polar Research, and Pharmaceutical industries among others. The agreements aim to bolster bilateral cooperation and accelerate mutual economic growth.

India and Russia target $100 billion trade by 2030

In a bilateral meeting, Russian President Vladimir Putin extended his gratitude to Indian Prime Minister Narendra Modi for his efforts in mediating the Ukrainian conflict. The discussions underscored a mutual commitment to fostering peace and stability in the region. Prime Minister Modi reiterated India’s readiness to assist in any possible way to advance peace efforts.

Highlighting a long-standing relationship, Prime Minister Modi received Russia’s highest civilian award, the Order of St Andrew the Apostle, from President Putin. This award is in recognition of Modi’s role in enhancing the strategic partnership and strengthening the ties between the two countries. The accolade, established by Tsar Peter the Great in 1698, honors individuals who have made notable contributions to Russian interests.

Prime Minister Modi emphasized the robustness of India-Russia relations, which have been fortified through frequent leadership meetings over the past decade. He highlighted the critical role of bilateral cooperation during global challenges, including the COVID-19 pandemic and subsequent international conflicts, which have benefitted both Indian farmers and consumers.

Foreign Secretary Vinay Mohan Kwatra further elaborated on the focus of the leaders’ discussions, which primarily centered around enhancing economic cooperation. He also addressed the issue of Indian nationals inadvertently engaged with the Russian military, securing assurances for their early discharge. Modi’s visit concluded with a tour at the All-Russian Exhibition Centre, accompanied by President Putin, demonstrating the deep cultural and scientific exchanges that continue to enrich the India-Russia partnership.

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