New Delhi- India and Russia have reaffirmed their commitment to strengthen trade and investment cooperation in Russia’s Far East and Arctic region, according to a joint statement released on Friday after talks between Prime Minister Narendra Modi and President Vladimir Putin.
The Programme of India-Russia Cooperation in Trade, Economic and Investment Spheres in the Russian Far East (2024–2029) will act as the guiding framework for expanding cooperation in key sectors such as agriculture, energy, mining, pharmaceuticals, manpower, diamonds, and maritime transport.
Arctic Cooperation Strengthened
Both countries highlighted the importance of regular bilateral consultations on Arctic-related issues. They also welcomed progress in joint work on the Northern Sea Route, a key strategic shipping corridor.
Russia appreciated India’s participation in the 6th International Arctic Forum held in Murmansk in March 2025. India, in turn, expressed its readiness to contribute actively as an observer in the Arctic Council.
Boost to Transport & Connectivity Corridors
The two nations agreed to deepen cooperation in developing efficient and stable transport corridors. Special focus areas include:
- International North-South Transport Corridor (INSTC)
- Chennai–Vladivostok Maritime Corridor
- Northern Sea Route
They also welcomed the signing of an MoU for training specialists for ships operating in polar waters, crucial for Arctic navigation.
Railways, Logistics & Trade Facilitation
India and Russia acknowledged the productive collaboration between their railway systems, aimed at enhancing technology exchange.
Both sides stressed the need to maintain an open, inclusive, transparent, and non-discriminatory multilateral trading system, with the WTO at its core.
To meet the revised bilateral trade target of $100 billion by 2030, the statement emphasized resolving key hurdles such as:
- Tariff and non-tariff barriers
- Logistics bottlenecks
- Smooth payment mechanisms
- Insurance and reinsurance issues
- Strengthened business-to-business engagement
The joint statement reaffirmed that improved connectivity and streamlined procedures will be central to boosting bilateral trade and investment.
With inputs from IANS