During Prime Minister Narendra Modi’s two-day visit to Russia, India and Russia signed nine agreements aimed at enhancing cooperation across various sectors, including trade, climate, and research. This visit underscored the strategic partnership between New Delhi and Moscow and set the stage for deeper economic and diplomatic ties.
Among the agreements, a Joint Investment Promotion Framework Agreement between Invest India and JSC “Management Company of Russian Direct Investment Fund” was a key highlight. This agreement is expected to facilitate increased investment by Russian companies in India, promoting mutual economic growth and strengthening bilateral investment cooperation.
One of the significant agreements was a program for bilateral cooperation in trade, economic, and investment spheres in the Russian Far East for the period 2024-2029. This initiative aims to enhance trade and joint investment projects between the Far East Region of Russia and India, further integrating the economies of the two nations.
The two countries also agreed on cooperation principles in the Arctic zone of the Russian Federation. This MoU underscores the commitment of both nations to explore and develop the Arctic region, focusing on sustainable and mutually beneficial initiatives.
In the realm of climate change, an MoU between the Ministry of Environment, Forest and Climate Change of India and the Ministry of Economic Development of Russia was signed. This agreement focuses on issues of climate change and low-carbon development, reflecting the shared commitment to addressing global environmental challenges.
Research collaboration was another focal point, with an MoU signed between India’s National Centre for Polar and Ocean Research and Russia’s Arctic and Antarctic Research Institute. This agreement aims to enhance cooperation in research and logistics in polar regions, facilitating joint scientific endeavors.
The trade sector saw the signing of an MoU between the Trade Promotion Council of India and All Russia Public Organisation “Business Russia”. This agreement aims to promote bilateral trade and investment, organize B2B meetings, business promotion events, and exchange business delegations, fostering closer commercial ties.
Additionally, a Cooperation Agreement between the Indian International Arbitration Centre and the International Commercial Arbitration Court at the Chamber of Commerce and Industry of the Russian Federation was signed. This agreement aims to facilitate the settlement of civil law disputes of a commercial nature, promoting a more conducive environment for business operations.
Other notable agreements included collaborations between the Survey of India and the Federal Service for State Registration, Cadastre and Cartography of Russia; Prasar Bharati and ANO “TV-Novosti” (Russia Today TV Channel) on broadcasting cooperation; and the Indian Pharmacopoeia Commission and Russia’s Federal State Budgetary Institution “Scientific Centre for Expert Evaluation of Medicinal Products”.
During his meetings with Russian President Vladimir Putin, Prime Minister Modi emphasized the importance of peace, especially in the context of the ongoing conflict in Ukraine. He conveyed India’s readiness to support peace efforts, highlighting the heart-wrenching impact of the conflict on innocent civilians. Modi also expressed gratitude to Russia for its assistance in managing rising fuel prices, acknowledging the broader economic cooperation between the two nations.
Prime Minister Modi’s visit and the signing of these agreements mark a significant step in strengthening the strategic partnership between India and Russia. The diverse range of agreements reflects a commitment to enhancing cooperation in critical areas, fostering economic growth, and addressing global challenges together.