New Delhi: India and Russia on Wednesday agreed to expand their bilateral trade nearly four-folds to USD 30 billion by 2025.
The countries will increase industrial cooperation and create new technological and investment partnerships, including in advanced high-tech areas, to expand the trade volume, according to a statement released by the Russian government.
Prime Minister Narendra Modi and Russian President Vladimir Putin discussed the bilateral ties during the 20th India-Russia Annual Summit at Vladivostok in Russia.
The Indo-Russia bilateral trade was USD 8.2 billion in 2018-19.
“To bring it to USD 30 billion by 2025, they agreed to more actively engage the impressive resource and human resources potential of India and Russia, enhance industrial cooperation, create new technological and investment partnership, especially in advanced high-tech areas and find new avenues and forms of cooperation,” the statement said.
It was also agreed to intensify work for eliminating trade barriers.
India and Russia agreed to consider the prospects for expanding cooperation in hydro and thermal power, energy efficiency as well as for designing and constructing facilities that generate energy from non-conventional sources.
“With the signing of the Roadmap for cooperation in Hydrocarbons for 2019–24 during the Summit, both Sides expect bilateral cooperation in this sector to touch new heights in the next five years,” it added.