India, Russia set $100 bn annual trade target by 2030

India and Russia on Tuesday set a target of USD 100 billion in annual trade volume by 2030 and vowed to develop a robust bilateral payment settlement mechanism using national currencies.

The two sides also inked a total of nine agreements to further broadbase cooperation in a range of areas including in the economic domain following summit talks between Prime Minister Narendra Modi and Russian President Vladimir Putin.

Modi paid a two-day visit to Russia, his first to the country since the start of the war in Ukraine.

“The major thrust of the discussion was on economic engagement. A significant component of it was also devoted to how the partnership between India and Russia can also give fillip to ‘Make in India’ and other manufacturing partnerships,” Foreign Secretary Vinay Kwatra said at a media briefing.

Kwatra said PM Modi spoke about the need to broadbase the overall trade basket and called for greater market access for Indian goods in Russia both in agricultural and industrial sectors.

“The two leaders also focused on important areas in the economic domain that link with the growth of different sectors in both countries, in particular fertiliser supplies from Russia to India, which is directly linked to the crop production and the farmers’ yield in India,” he said.