Maintaining momentum of high level exchanges, Minister of
External Affairs Sushma Swaraj visited Russia on 14 September’18 for the 23rd
India-Russia Intergovernmental Commission on Trade, Economic, Scientific,
Technical and Cultural cooperation. The visit also sets the stage for 19th
India-Russia Annual summit and the first ever India-Russia business Summit
scheduled early October’18. During the India-Russia Annual summit, the two countries are expected
to sign the contract for S-400 air defence systems, ka-226T utility
helicopters, frigates and assault rifles that India intends to purchase as part
of armed forces modernization plan.
India attaches highest importance to its relations with Russia
and enjoys special and privileged strategic partnership with Russia. The
partnership covers a vast agenda covering all spheres of human activity,
specifically, tourism and cultural exchanges. A festival of India covering 22
cities over a six months period is currently underway in Russia. Tourism has
shown impressive growth and as a part of liberalizing visas, Russia has initiated
process to grant electronic visas for Indian nationals.
In 2017, annual bilateral trade between the countries stood at
$ 10.1 billion and two way investments
crossed $ 30 billion ahead of 2025 target which now stand revised to $ 50 billion target. Energy is
traditional area of cooperation and the first shipment of LNG from Russia
arrived in India this year. India wants to expand cooperation in Space and has
identified new areas of cooperation such as Agriculture, Infrastructure,
Transport, Science& Technology. To add a new dimension to strategic
partnership, both the countries discussed the possibilities of working together
on projects in a third country.
India expects bilateral relations will further gain momentum
after Russian President Vladimir Putin visits India on 4 October’18 during
which he will be discussing major energy and trade related issues with Prime
Minister Narendra Modi.
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