What Did Putin and Modi Discuss at the 23rd India-Russia Annual Summit?
Strengthening Ties: Putin's Visit to India
New Delhi: During a recent visit, Russian President Vladimir Putin expressed gratitude to Prime Minister Narendra Modi for the warm reception given to his delegation. He emphasized the strong personal and professional rapport he has developed with Modi, noting their ongoing collaboration in various strategic sectors.
Following extensive discussions at the Hyderabad House during the 23rd India-Russia Annual Summit, Putin remarked on the constructive and friendly atmosphere of their talks, which included a private dinner the previous evening. He highlighted the importance of their relationship, stating that they regularly communicate and monitor the progress of their cooperation.
The leaders covered a wide range of topics related to India-Russia relations, reaffirming their commitment to enhancing their Special and Privileged Strategic Partnership. They also addressed regional and global issues of mutual concern.
Putin noted that both nations thoroughly reviewed the current state of their multifaceted cooperation and exchanged perspectives on pressing global matters. He mentioned that a joint statement was issued, outlining key objectives for strengthening ties in various areas, including politics, security, trade, and culture.
Several agreements were signed during the summit, including Memorandums of Understanding (MoUs) on Trade and Commerce, Migration, Maritime Cooperation, Health, and Academic Exchanges, aimed at bolstering economic collaboration.
Putin highlighted the significant growth in bilateral trade, which saw a 12% increase last year, reaching approximately $64–65 billion. He expressed optimism about achieving a target of $100 billion in trade by 2030, supported by a comprehensive development program.
The establishment of a free trade zone between India and the Eurasian Economic Union was also discussed, with Putin assuring that work on this agreement is progressing.
He pointed out that both countries are increasingly using their national currencies for trade, with 96% of transactions now conducted in this manner. This shift is complemented by the establishment of sustainable financial cooperation channels.
Putin also mentioned ongoing efforts to develop new international transport routes, including the North-South Corridor, which will connect Russia and Belarus to the Indian Ocean, and the expansion of the trans-Arctic transport corridor.
In addition to economic initiatives, Putin emphasized the rich humanitarian ties between Russia and India, highlighting cultural exchanges and the growing interest in each other's traditions.
He concluded by reaffirming the alignment of both nations on key global issues, advocating for a multipolar world order that respects sovereignty and cultural identities, and expressed support for India's upcoming chairmanship of BRICS.