22nd India-Russia Annual Summit

 

22nd India-Russia Annual Summit

India-Russia: Enduring and Expanding Partnership

Why in News?

Q    The 22nd India-Russia Annual Summit  in Moscow, brought together Prime Minister Narendra Modi and President Vladimir Putin to discuss a wide range of issues. The summit aimed to solidify the strategic partnership between the two nations, particularly in light of the ongoing geopolitical tensions.

Q    In another development Russia has reached a significant economic milestone by being upgraded from an upper-middle-income to a high-income country by the World Bank, despite ongoing Western sanctions.




Highlights of the Indian PM’s Two-Day Visit to Russia:

Q    Receives highest civilian honour: The Indian PM was conferred with Russia’s highest civilian honour - Order of St Andrew the Apostle - by the Russian President (announced in 2019, but presented now).

Q    Bilateral talks - A meeting of two close friends and trusted partners:

Q    It was held to review ties between the two nations, including in areas like defence, investment, energy cooperation, education and culture.

Q    During the meeting, the Indian PM told the Russian President that a solution to the Ukraine conflict is not possible on the battlefield and peace talks do not succeed amidst bombs, guns and bullets.

Q    The Russian President accepted a direct request from the Indian PM to expedite the discharge of all Indians who have been recruited by the Russian military, many of whom are now at the war front.

A Joint Vision Statement on Trade and Economic Cooperation:

Q    A shift from previous Summits: The focus on economic issues was a shift from previous Annual Summits where military supplies and the defence and strategic partnership between the two countries had been at the top of the agenda.

9 issues that need to be resolved by 2030: It includes -

1.    The elimination of non-tariff barriers,

2.    The development of a bilateral settlement system using national currencies,

3.    Ironing out customs procedures and using new connectivity routes, including -

4.    The Chennai-Vladivostok maritime route,

5.    The Northern Sea Route and

6.    The International North–South Transport Corridor via Iran.

7.    Investments in the energy sector including nuclear energy,

8.    Infrastructure development and

9.    Investment promotion as priority areas.

Q    India and Russia signed a number of MoUs between institutions on climate change, polar research, legal arbitration, pharmaceutical certification, etc.

 

Ambitious bilateral trade target:

Q    India and Russia agreed to increase bilateral trade to $100 billion dollars by 2030, including the use of national currencies to circumvent Western sanctions.

Q    The bilateral trade reached an all-time high of $65.70 billion in FY 2023-24, mostly because of the surge in India’s imports of Russian crude.

Q    Achieving the target would take the business relationship to levels of trade India currently has only with bigger economies like the U.S., China and the EU.

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