Trade Agreement Between Russia And India

In addition, the parties recognized opportunities to strengthen bilateral trade in agriculture. Moreover, these developments took place in Russian-Russian relations at a time when India was resolutely addressing the United States and distancing itself from the “rhetoric of freedom of alliance” to lead to “one of the most intense bilateral relations that New Delhi enjoys with every nation.” [65] India has become an important U.S. defence partner (2016), has begun the 2-2 (2018) dialogue and signed the Memorandum of Understanding on Logistics Exchange (LEMOA, 2016) and the Communications Compatibility and Security Agreement (COMCASA, 2018). The idea of “Indo-Pacific space” had also gained ground at that time, with the June 2017 Indo-US Joint Declaration officially bringing the nomenclature into the bilateral document. Meanwhile, the accusation of Russian interference in the 2016 U.S. presidential election has led to an additional rift between the two. In other words, Russia has steered its policy in a way that counters the supremacy of the United States, which India has not supported because of its desire to improve its economic status and to continue its relations with all the major powers. [66] Relations with India have certainly been and will be one of our country`s top foreign policy priorities. Our mutual friendships are filled with sympathy, trust and openness.

And we must say openly that they have never been overshadowed by disagreements or conflicts. This understanding – it is indeed the common heritage of our peoples. It is appreciated and appreciated in our country, Russia and India. And we are rightly proud of the close and close relations between our countries. Traditionally, the strategic partnership between Indo-Russia consists of five main components: politics, defence, civil nuclear energy, counter-terrorism cooperation and space. [1] These five main elements were highlighted in a speech in Russia by former Indian Foreign Minister Ranyan Mathai. [1] In recent years, however, a sixth economic component has grown in importance, with both countries aiming to reach $30 billion by 2025 in bilateral trade[2][3] of about $9.4 billion in 2017. [4] To achieve this goal, the two countries want to develop a free trade agreement. [5] [6] [7] Bilateral trade between the two countries increased by more than 24% in 2012. [7] In 2017, the 70th year since the establishment of diplomatic relations between India and Russia, Prime Minister Modi was invited as a guest of honour at the St. Petersburg International Economic Forum (SPIEF). Although the 2014 Joint Declaration was issued as a vision document for the next ten years, only three years later, the St.

Petersburg Declaration of June 2017 was again titled “Vision for the 21st Century.” The 2017 Joint Declaration again mentioned several sectors recognized in 2014 for enhanced cooperation; “Concrete initiatives… He was again absent from the architecture of bilateral institutional dialogue in a more results-oriented and forward-looking manner.” Some agreements were signed at the 2017 annual summit, including on cultural exchanges, the construction of the third phase of the Kudankulam nuclear power plant and the railways; Precious stones; University exchanges Investments. [52] However, none of them was a big ticket announcement. India is currently the world`s largest diamond cutting and polishing centre.