Putin and Modi agree to strengthen trade relations during official visit

During high-level talks on Friday, Indian Prime Minister Narendra Modi and Russian President Vladimir Putin unveiled a comprehensive economic partnership targeting $100 billion in bilateral trade by 2030. The agreement, revealed during Putins first trip to India since the onset of the Ukraine conflict, seeks to broaden trade connections beyond traditional sectors like energy and defense.

President Putin arrived in India on Thursday for a two-day official visit, aiming to reinforce economic and strategic ties between the two nations.

Both leaders highlighted ongoing discussions about a potential free trade deal between India and the Russia-led Eurasian Economic Union, which includes Armenia, Belarus, Kazakhstan, and Kyrgyzstan. Putin views this economic bloc as a strategic countermeasure to Western sanctions imposed after Russias invasion of Ukraine.

India has maintained a balanced approach regarding the conflict, aiming to sustain strong relationships with both Russia and Western countries. The nation relies heavily on Russian oil to meet its energy requirements and imports a significant portion of its military hardware from Moscow. The revenue from these exports contributes to Russias military efforts, which Prime Minister Modi has urged to cease.

Author: Gavin Porter