India and Russia have set an ambitious target of reaching USD 100 billion in annual trade by 2030, a milestone intended to bolster bilateral ties and economic cooperation between the two nations. The decision was announced during the 22nd Annual Bilateral Summit in Moscow, where Russian President Vladimir Putin and Indian Prime Minister Narendra Modi reaffirmed their commitment to a special and privileged strategic partnership.

The recent agreement between EAEU and India emphasizes several key points to enhance bilateral trade and cooperation. Foremost is the elimination of trade barriers, focusing on reducing non-tariff obstacles and exploring the establishment of an EAEU-India Free Trade Area. Additionally, a currency settlement system utilizing national currencies is being implemented to simplify transactions. The agreement also seeks to enhance cargo turnover through new trade routes, including the North-South Corridor and the Chennai-Vladivostok Sea Line. Furthermore, it highlights increased collaboration in agricultural and energy sectors, specifically in nuclear energy and oil refining.

The leaders also aspire to continue dialogue in the liberalization of bilateral trade, including the possibility of establishing an EAEU-India Free Trade Area. Their commitment extends beyond economic cooperation, emphasizing humanitarian and cultural collaboration.

India and Russia’s joint efforts aim to strengthen their economic partnership, foster innovation, and create new growth opportunities. As they work towards this ambitious goal, both nations recognize the immense potential in deepening their ties across various sectors, including energy, agriculture, and infrastructure.