Overblog
Edit post Follow this blog Administration + Create my blog

World News24

World News24

World News24


Russia and India Unveil Comprehensive 2030 Economic Cooperation Plan During PM Modi's Visit

Posted on July 9 2024, 18:25pm

Russia and India Unveil Comprehensive 2030 Economic Cooperation Plan During PM Modi's Visit

MOSCOW/NEW DELH: Prime Minister Narendra Modi and Russian President Vladimir Putin have announced a comprehensive plan to enhance bilateral economic cooperation through 2030 in a landmark move to bolster economic ties.

The announcement was made during the 22nd Annual Bilateral Summit held on July 8-9, 2024, in Moscow, where PM Modi and President Putin laid out a strategic roadmap encompassing nine key areas of collaboration.Strategic Cooperation to Boost Trade and InvestmentCentral to the new economic strategy is the elimination of non-tariff trade barriers and the potential establishment of a Free Trade Area between India and the Eurasian Economic Union (EAEU). The leaders aim to elevate the mutual trade volume to over $100 billion by 2030, with a particular emphasis on balanced trade and increased supplies of Indian goods. Investment activities are also set to receive a boost under special investment regimes designed to attract and facilitate foreign investments.Financial Integration and Digital SettlementsThe bilateral settlement system will be developed using national currencies, reducing reliance on foreign currencies and enhancing economic resilience. The integration of digital financial instruments into mutual settlements marks a forward-looking approach to streamline financial transactions between the two nations.Enhanced Transport and Logistics NetworksThe cooperation plan includes significant improvements in transport and logistics.

New routes, such as the North-South International Transport Corridor, the Northern Sea Route, and the Chennai-Vladivostok Sea Line, will be launched to increase cargo turnover. The optimization of customs procedures through intelligent digital systems aims to ensure the barrier-free movement of goods.Agricultural Trade and Food SecurityAgricultural trade between the two countries is set to expand, with a focus on increasing the volume of bilateral trade in agricultural products, food, and fertilizers. Efforts will be made to remove veterinary, sanitary, and phytosanitary restrictions, paving the way for smoother and more robust agricultural exchanges.Energy Sector CollaborationRussia and India will strengthen cooperation in key energy sectors, including nuclear energy, oil refining, and petrochemicals. The plan also includes expanded forms of partnership in energy infrastructure, technologies, and equipment, ensuring mutual and international energy security while addressing the global energy transition.Industrial and Infrastructure DevelopmentThe strategic plan covers extensive industrial and infrastructure development, including transport engineering, automobile production, shipbuilding, and space exploration.

The facilitation of market entry for Indian and Russian companies through the creation of subsidiaries and industrial clusters will be prioritized. Harmonizing standards, metrology, and conformity assessment will further enhance industrial cooperation.Advancements in Digital Economy and ResearchInvestments and joint projects in the digital economy, science, research, and education will be promoted. The plan supports the creation of new joint companies with favorable fiscal regimes, fostering innovation and technological advancements.Healthcare and Medical CollaborationIn healthcare, the cooperation will focus on developing and supplying medicines and advanced medical equipment. The possibility of opening branches of Indian medical institutions in Russia and recruiting qualified medical personnel will be explored. Enhanced coordination in medical and biological safety will also be a priority.Strengthening Humanitarian TiesThe plan also emphasizes humanitarian cooperation, with expanded interaction in education, science and technology, culture, tourism, sports, and healthcare. This holistic approach aims to deepen people-to-people connections and cultural exchanges between the two nations.Implementation and OversightPresident Putin and Prime Minister Modi have tasked the Russian-Indian Intergovernmental Commission on Trade, Economic, Scientific, Technical, and Cultural Cooperation with studying these priority areas and assessing progress at its next meeting. This robust framework for economic cooperation underscores the commitment of both nations to a stronger, more resilient partnership.

India favors resolving the Ukraine conflict peacefully and is ready to contribute to the process, Indian Prime Minister Narendra Modi said ahead of official talks between the Russian and Indian delegations at the Kremlin.

"We are ready to make any contribution to resolving" the conflict, Modi said as he recounted that at an informal meeting with Russian President Vladimir Putin on Monday the two leaders "agreed that peace should be established as soon as possible."

According to Modi, India is confident that any conflicts globally can only be resolved by peaceful means and through dialogue. "Rockets, shells or guns cannot help in solving issues or establishing peace. <…> We are confident that only a peaceful path of dialogue can help. There should be dialogue," he emphasized.

"A bright future of next generations needs peace," the Indian premier concluded.

To be informed of the latest articles, subscribe:
Comment on this post