September 26, 2018
The agreement will provide a platform for the two nations to understand each other's strengths, market, technologies and policies
The agreement will cover joint research projects; exchange of government strategies and organisation of seminars and conferences
The countries recorded annual bilateral trade worth US$10.7 billion in financial year 2017-18 after rising 43 per cent year over year
The two governments are seeking strategic economic dialogue to boost bilateral trade and investment, covering defence to resources
The Union Cabinet chaired by Prime Minister Narendra Modi on September 26 approved a preliminary agreement between the National Institution for Transforming India, or NITI Aayog, a think tank of the Government of India, and the Ministry of Economic Development of the Russian Federation (MEDRF). The agencies will focus in the field of social, economic, industrial and regional development, and explore potential cooperation in preparation and implementation of strategies and programs. The agreement will provide a platform for the two nations to understand each other’s strengths, market, technologies and policies.
The agreement will cover the following areas of cooperation: 1) Execution of joint research projects; 2) Exchange of information on government strategies and development programs; 3) Organisation of seminars, conferences and other meetings on agreed agenda. The agreement comes amid deepening bilateral ties between India and Russia on international, regional and bilateral issues. In May 2018, Prime Minister Narendra Modi and President Vladimir Putin had held their first informal Summit in Russia, strengthening Special and Privileged Strategic Partnership and opening up new business opportunities.
The countries are two of the world’s largest economies with annual bilateral trade recorded at US$10.7 billion in 2017-18 after rising 43 per cent year over year. As part of growing ties, the nations are looking to intensify consultation and coordination in the Indo-Pacific Region as well as multilateral platforms such as the Shanghai Cooperation Organisation, BRICS and G-20. The two Governments are also seeking a strategic economic dialogue between NITI Aayog and Russia’s Ministry of Economic Development to drive greater synergy in bilateral trade and investment, covering defence and IT to energy and resources.