New Delhi, Dec 5 (NationPress) India and Russia have reached an agreement on a comprehensive economic cooperation program designed to enhance trade relations through to 2030, as stated by Prime Minister Narendra Modi during a press conference with Russian President Vladimir Putin.

"We are striving for a swift conclusion of the FTA with the Eurasian Economic Union. India and Russia have solidified plans for an economic cooperation initiative that aims to boost trade by 2030," PM Modi remarked following discussions with President Putin.

The two nations are pursuing ambitious goals set by their leaders, targeting $50 billion in mutual investments by 2025 and aiming for $100 billion in annual bilateral trade by 2030.

During the talks, both leaders observed the signing of various agreements between India and Russia, covering a range of sectors from fertilizers to food safety and shipping.

Furthermore, Russia has pledged to ensure uninterrupted fuel supplies to India, a crucial element in strengthening bilateral relations, according to President Putin. "We are prepared to maintain consistent fuel shipments for the burgeoning Indian economy," he stated.

Indian companies have entered into a deal with Russia’s URALCHEM to establish a urea manufacturing facility in Russia, marking a pivotal advancement in bilateral industrial collaboration.

In their meeting, both leaders adopted a roadmap for the development of strategic sectors of India-Russia economic cooperation leading up to 2030. They also reviewed the progress of bilateral relations and exchanged opinions on regional and global matters of shared interest.

Memoranda of Understanding (MoUs) were signed in numerous areas such as food safety, ship training and operations, medical sciences, and consumer protection. The agreements involve organizations like the FSSAI, Russia’s consumer protection agency, and enterprises in the chemicals and fertilizers industries.

PM Modi emphasized that both nations will collaborate closely on urea production.

In addition to these discussions, India and Russia also finalized an MoU for collaboration in the port and shipping industry, further enhancing maritime logistical connections.

On a broader multilateral front, Russia has agreed to join the framework agreement to become part of the International Big Cat Alliance, which is being led by India.

During the joint press conference, PM Modi remarked that President Putin’s visit occurs at a pivotal moment as bilateral relations reach significant historical milestones. He noted that in the past decade, the world has experienced numerous fluctuations, yet the India-Russia partnership has remained resilient.

He recalled that nearly twenty-five years ago, President Putin laid the groundwork for the strategic partnership between India and Russia.