India, Russia sign multiple deals during PM Modi’s visit

Prime Minister of India, Shri Narendra Modi paid an official visit to the Russian Federation, on the invitation of President Vladimir Putin, to attend the 20th India-Russia Annual Summit, held in Vladivostok, and participate in the 5th Eastern Economic Forum as a Chief Guest over September 4-5. Noting the progressive development of the Special and Privileged Strategic Partnership between India and Russia, both leaders prioritised establishing areas of cooperation through a collection of signed Agreements and Memorandums of Understanding (MoUs).

A Joint Statement on “Reaching New Heights of Cooperation through Trust and Partnership” was presented, along with a Joint Strategy for the Enhancement of India- Russia Trade and Investments. The meeting saw Agreements between India and Russia on the production of spare parts for Russian/Soviet military equipment, on cooperation in Audiovisual Co-production, and on cooperation between Joint-Stock Company Rosgeologia and Srei Infrastructure Finance Limited. It also oversaw cooperation agreements between Invest India and the Russian Direct Investment Fund for Investment Collaboration, as well as between the Federation of Indian Chambers of Commerce and Industry the Roscongress Foundation.

Meanwhile, the Ministry of Petroleum and Natural Gas of India and Russia’s Ministry of Energy intend to expand cooperation in oil and gas sector, encouraging growth for both countries, while cooperation between the Central Board of Indirect Taxes and Customs, Ministry of Finance, Republic of India and the Federal Customs Service (Russian Federation), aims at combating customs violations between 2019-2022.

In addition, the following MoUs were signed for cooperation in a variety of sectors – 

• Memorandum of Understanding between the Ministry of Road Transport and Highways of India and the Ministry of Transport of Russia on bilateral cooperation in the road transport and road industry
• Memorandum of Intent between the Ministry of Shipping of India and the Ministry of Transport of Russia on the Development of Maritime Communications between India’s port of Chennai and the port of Vladivostok in Russia
• Memorandum of Understanding between Coal India Limited and Far East Investment and Export Agency to cooperate in coking coal mining projects implementation in the Russian Far East
• Memorandum of Understanding between Russia’s Ministry of Energy and the Ministry of Petroleum and Natural Gas of India on the use of Natural Gas for Transportation
• Memorandum of Understanding between the Federation of Indian Chambers of Commerce and Industry and the Autonomous Non-profit Organization Agency for Strategic Initiatives to promote New Projects
• Memorandum of understanding between the Joint Stock Company NOVATEK and PETRONET LNG Limited on cooperation with respect to the joint development of downstream LNG Business and LNG supplies

India and Russia have both committed to foreign policy cooperation that prioritises growth and development in each country. A strategic partnership between the two nations creates sustained opportunities for investment in a challenging global climate.