India, Russia agree to step up trade to $30 bn by 2025

India and Russia on Wednesday decided to step up industrial cooperation and create new technological and investment partnership, especially in advanced high-tech areas, with an aim to increase bilateral trade to $30 billion by 2025.

 

According to a joint statement issued by the Russian government after 20th India—Russia Annual Summit, Prime Minister Narendra Modi and President Vladimir Putin also agreed that the work on promoting mutual settlements of payments in national currencies will be continued.

 

Modi is visiting Russia on the invitation of President Putin. The 20th India—Russia Annual Summit was held in Vladivostok. Modi also participated in the 5th Eastern Economic Forum as the Chief Guest.

 

The leaders expressed satisfaction with the stable mutual growth of trade turnover, the statement said.

 

To bring it to $30 billion by 2025, they agreed to more actively engage the impressive resource and human resources potential of India and Russia, enhance industrial cooperation, create new technological and investment partnership, especially in advanced high-tech areas and find new avenues and forms of cooperation, it said.