New Delhi, Dec 5 (NationPress) Prime Minister Narendra Modi and Russian President Vladimir Putin have reiterated their mutual goal of enhancing bilateral trade in a balanced and sustainable manner. This includes boosting India’s exports to Russia, enhancing industrial collaboration, and establishing new technological and investment partnerships, particularly in advanced high-tech sectors. They explored various new avenues for cooperation as outlined in a joint statement released following their meeting.

The leaders acknowledged the approval of the Programme for the Development of Strategic Areas of India-Russia Economic Cooperation through 2030.

They expressed satisfaction with the ongoing efforts towards a Free Trade Agreement on goods between India and the Eurasian Economic Union, focusing on sectors of mutual interest. Both sides were directed to accelerate negotiations for a mutually advantageous agreement on promoting and protecting investments, as noted in the statement.

India and Russia have committed to advancing bilateral settlement systems using national currencies to ensure uninterrupted trade. Furthermore, they will continue discussions on achieving interoperability in national payment systems, financial messaging systems, and platforms for central bank digital currencies.

Both nations welcomed initiatives to guarantee a consistent supply of fertilizers to India and explored potential joint ventures in this sector.

They also endorsed agreements facilitating the mobility of skilled workers between the two nations for employment opportunities.

The leaders emphasized the significance of productive, mutually beneficial bilateral trade in mineral resources, including energy sources, precious stones and metals, and critical raw materials for reliable international supply chains. Effective cooperation in this domain, led by Russia and India as sovereign states, is a key element of their national security and social well-being, according to the statement.

Additionally, both parties discussed and praised their extensive collaboration in the energy sector, recognizing it as a crucial pillar of their Special and Privileged Strategic Partnership. They highlighted current and prospective collaborations between Indian and Russian enterprises in areas such as oil, petrochemical technologies, LNG, and various projects in their respective countries, including nuclear projects.

They reiterated the necessity for rapid resolution of issues concerning investment projects in the energy sector and agreed to address the challenges faced by investors in this domain, as stated.