PM Modi and Vladimir Putin Meeting: PM Narendra Modi’s two-day high profile visit to Russia concluded with nine agreements. These include trade, trade settlement using national currencies, increase in freight transport business through new routes like North-South Transport Corridor. Both the countries have set a target of increasing mutual trade to more than $100 billion by the year 2030. Despite American objection, the world saw the strong friendship between PM Modi and Russian President Vladimir Putin. During the discussion with Putin, PM Modi said that both our countries have been meeting like this for the last 21 years, but this time the whole world is interpreting this meeting differently. PM Modi also advised peace on the Ukraine issue, which Putin took seriously.
When PM Modi and Russian President Vladimir Putin were meeting each other, all the western countries including America were keeping a suspicious eye. First America and then Ukrainian President Volodymyr Zelensky raised objections. America warned that if any country meets Russia, it will have to respect the territorial integrity of Ukraine. At the same time, Zelensky seemed furious at the warm meeting between Modi and Putin. He said that it hurts him to see the head of the world’s largest democratic country hugging a murderer.
In a joint statement issued after the 22nd annual bilateral summit between Russian President Vladimir Putin and Prime Minister Narendra Modi in Moscow, both sides reiterated their commitment to enhance the special and privileged strategic partnership. India and Russia agreed to increase mutual trade to more than US$100 billion by 2030. This goal will be achieved by promoting investment, the use of national currencies for mutual trade and increasing cooperation in sectors ranging from energy to agriculture and infrastructure. Both sides also talked about giving additional impetus to bilateral dialogue by promoting Russia-India trade and economic cooperation.
9 agreements sealed
The two countries agreed on nine key areas of cooperation. These include trade, trade settlement using national currencies, increasing freight transport turnover through new routes such as the North-South Transport Corridor. Other areas of cooperation include increasing trade in agricultural products, food and fertilizers, strengthening cooperation in the energy sector including nuclear energy, strengthening dialogue for infrastructure development, promoting investments and joint projects in the digital economy, cooperation in the supply of medicines and promotion of humanitarian cooperation.
Target of $100 billion in 6 years
According to the joint statement, the two leaders agreed to “eliminate non-tariff trade barriers related to bilateral trade between India and Russia” and “continue dialogue for the liberalization of bilateral trade, including the possibility of establishing an EAEU-India free trade zone”. The aim of this initiative of the two countries is to achieve the target of mutual trade of more than US $ 100 billion by the year 2030. This includes increasing the supply of goods from India for balanced bilateral trade. Along with this, it was agreed to reactivate investment activities.
In the joint statement, India and Russia agreed on the “development of a bilateral settlement system using national currencies”. This means that India will potentially pay for any purchases from Russia, such as crude oil, in Indian rupees. In return, Russia can use the Indian currency to pay for imports from India. Similarly, the use of the Russian currency ruble is also possible. The two leaders also agreed to launch new routes of the North-South International Transport Corridor, the Northern Sea Route and the Chennai-Vladivostok Sea Line. According to the statement, it was also agreed to improve customs procedures by using digital systems for barrier-free movement of goods.
Cooperation in many areas including agriculture, nuclear energy to petrochemicals
The two countries also agreed to increase the volume of bilateral trade in agricultural products, food and fertilizers, as well as to negotiate for the removal of restrictions related to the presence of pesticides in veterinary, sanitary and agricultural products. The statement said, “The agreement also includes promoting cooperation in key energy sectors including nuclear energy, oil refining and petrochemicals and increasing partnership in the field of energy infrastructure, technologies and equipment.” The two sides also agreed to further dialogue in infrastructure development, transport engineering, vehicle production and shipbuilding, space and other industrial sectors. Apart from this, it was also agreed to facilitate the entry of Indian and Russian companies in each other’s markets by forming subsidiaries and industrial groups.
What did America say about the meeting
On Prime Minister Narendra Modi’s visit to Russia, the United States conveyed a clear message from India to Moscow. It said that any solution to the ongoing conflict in Ukraine must follow the principles of the United Nations Charter. Responding to questions regarding PM Modi’s Moscow visit, US State Department spokesman Matthew Miller said that India is a strategic partner with whom the US has open and honest dialogue, including on concerns about India’s relations with Russia. He said, “We would urge India, as we would expect any country to be clear when it meets Russia, that any solution to the conflict in Ukraine must respect the United Nations Charter and that it must respect the territorial integrity of Ukraine, the sovereignty of Ukraine.”
India responded like this
Prime Minister Narendra Modi gave a clear message to Russian President Vladimir Putin that the solution to the Ukraine conflict is not possible on the battlefield and peace talks do not succeed amidst bombs, guns and bullets. In his opening statement before the summit with Putin at the Kremlin, the Russian presidential office, Modi, apparently referring to the bomb attack on a children’s hospital in Ukraine, said that the death of innocent children is heart-rending and very painful. Just a day earlier, a children’s hospital in Kiev was attacked by a suspected Russian missile, which has been expressed global outrage. Putin also took this advice of PM Modi seriously and appreciated India’s contribution in resolving the Ukraine crisis.
