India-Russia summit: PM Modi & Putin announce five-year economic plan
India and Russia on Friday agreed on a joint “Programme for Economic Cooperation” until 2030, targeting bilateral trade of $100 billion by primarily expanding Indian exports through Moscow’s removal of non-tariff barriers and regulatory bottlenecks.
“Both sides emphasised that addressing tariff and non-tariff trade barriers, removing bottlenecks in logistics, promoting connectivity, ensuring smooth payment mechanisms, finding mutually acceptable solutions for issues of insurance and reinsurance and regular interaction between the businesses of the two countries are among the key elements for timely achievement of the revised bilateral trade target of $100 billion by 2030,” the joint statement said following the 23rd India-Russia annual summit between visiting Russian President Vladimir Putin and Prime Minister Narendra Modi.
In his address during the joint press statement after the summit, Putin said the comprehensive road map provided clear guidelines. “Our intergovernmental commission and the relevant economic ministries and agencies are tasked with removing barriers to the flows of goods and capital, implementing joint industrial projects, and deepening our collaboration in technology and investment,” he added.
In his statement Modi said elevating bilateral economic cooperation to new heights was a shared priority.
“To realise this, we have agreed on an Economic Cooperation Programme until 2030. This will make our trade and investment more diversified, balanced, and sustainable; and will also add new dimensions to our areas of cooperation,” he added.