India-Russia Agree For Digital Financial Instruments Into Mutual Settlements

Achievement of a mutual trade volume more than 100 bln USD by 2030; Aspiration for elimination of non-tariff trade barriers related to bilateral trade between India and Russia; Leaders’ Joint Statement on the development of strategic areas of Russia-India economic cooperation for the period up to 2030

PM Narendra Modi visited ATOM pavilion along with the President of the Russian Federation, Mr. Vladimir Putin at VDNKh Exhibition Centre in Moscow on Tuesday

PM receives warm welcome at Community event in Moscow, Russia on July 09, 2024

FinTech BizNews Service

Mumbai, 09 JULY 2024: Following the 22nd Annual Bilateral Summit between Russia and India held on July 8-9, 2024 in Moscow, Mr Vladimir Putin, President of the Russian Federation, and Shri Narendra Modi, Prime Minister of the Republic of India,

having held a thorough exchange of views on current issues of bilateral practical cooperation and the development of the Russia-India Special and Privileged Strategic Partnership,

firmly adhering to the principles of mutual respect and equality, the sovereign development of the two countries on a mutually beneficial and long-term basis,

seeking to give additional impetus to the deepening of bilateral interaction by promoting Russia-India trade and economic cooperation,

guided by the intention to maintain the trend of dynamic growth of trade in goods and services between the two states and the desire to ensure a significant increase in its volume by 2030,

declare the following:

Bilateral economic cooperation between the Russian Federation and the Republic of India, hereinafter referred to as the "Parties”, is planned to be developed including in the following nine key areas:

1. Aspiration for elimination of non-tariff trade barriers related to bilateral trade between India and Russia. Continuation of dialogue in the field of liberalization of bilateral trade, including the possibility of the establishment of the EAEU-India Free Trade Area. Achievement of a mutual trade volume more than 100 bln USD by 2030 (as mutually agreed), including increased supplies of goods from India to achieve balanced bilateral trade. Reinvigoration of investment activities of the Parties, i.e. within the framework of the special investment regimes.

2. Development of a bilateral settlement system using national currencies. Consistent introduction of digital financial instruments into mutual settlements.

3. Increase of cargo turnover with India through the launch of new routes of the North-South International Transport Corridor, the Northern Sea Route and the Chennai-Vladivostok Sea Line. Optimization of customs procedures through the application of intelligent digital systems for barrier-free movement of goods.

4. Increase of the volume of bilateral trade in agricultural products, food and fertilizers. Maintenance of an intensive dialogue aimed at removing veterinary, sanitary and phytosanitary restrictions and prohibitions.

5. Development of cooperation in key energy sectors, including nuclear energy, oil refining and petrochemicals and expanded forms of cooperation and partnership in the field of energy infrastructure, technologies and equipment. Facilitation of mutual and international energy security, i.a. taking into account the prospects of global energy transition.

6. Strengthening of interaction in the fields of infrastructure development, transport engineering, automobile production and shipbuilding, space and other industrial sectors. Facilitation of entry of Indian and Russian companies in each other’s markets by creating subsidiaries and industrial clusters. Convergence of approaches of the Parties in the fields of standardization, metrology and conformity assessment.

7. Promotion of investments and joint projects across various sectors of digital economy, science and research, educational exchanges and internships for employees of high-tech companies. Facilitation of the creation of new joint (subsidiary) companies by providing them with favourable fiscal regimes.

8. Promotion of systematic cooperation in the development and supply of medicines and advanced medical equipment. Studying of the possibility of opening branches of Indian medical institutions in Russia and recruiting qualified medical personnel as well as strengthening of coordination in the field of medical and biological safety.

9. Development of humanitarian cooperation, consistent expansion of interaction in the fields of education, science and technology, culture, tourism, sports, healthcare and other areas.

 The President of the Russian Federation and the Prime Minister of the Republic of India instructed the Russian-Indian Intergovernmental Commission on Trade, Economic, Scientific, Technical and Cultural Cooperation to study the identified priority areas and to assess the progress at its next meeting.

List of outcomes: Official visit of Prime Minister Shri Narendra Modi to Russia

1. Program of India-Russia cooperation in trade, economic and investment spheres in the Russian Far East for the period from 2024 to 2029 as well as of cooperation principles in the Arctic zone of the Russian Federation.
To facilitate further increase in trade and joint investment projects between the Far East Region of Russia and India.

2. MoU between Ministry of Environment, Forest and Climate Change of the Republic of India and Ministry of Economic Development of the Russian Federation on the issues of Climate change and low-carbon development.
Establishment of Joint Working Group on the issues of Climate change and low-carbon development.
Exchange of information / best practices and co-hosting research to develop low-cost technologies.

3.MoU between Survey of India and the Federal Service for State Registration, Cadastre and Cartography, Russian Federation.
Exchange of knowledge and experience in geodesy, cartography and spatial data infrastructure; professional training and capacity building; cooperation between scientific and educational institutes.

Prime Minister receives Russia’s highest State Award

In a special ceremony in St. Andrew Hall in the Kremlin, President of the Russian Federation, H.E. Mr. Vladimir Putin conferred Russia’s highest national award "The Order of St. Andrew the Apostle” on Prime Minister Shri Narendra Modi for his contribution to fostering India-Russia ties. The award was announced in 2019.

While accepting the award, Prime Minister dedicated it to the people of India and to the traditional bonds of friendship between India and Russia. He further stated that the recognition illuminates the Special and Privileged Strategic Partnership between the two countries.

This award was instituted over 300 years ago. Prime Minister Shri Narendra Modi is the first Indian leader to be conferred with this award.

4.MoU between National Centre for Polar and Ocean Research, Ministry of Earth Sciences, Government of India and the Arctic and Antarctic Research Institute on Cooperation in Research and Logistics in polar regions.
Cooperation in the study of polar environments and their variability by sharing resources and data; logistics in polar regions; joint research; exchanges of personnel; and participation in international programmes and projects in the polar region.

5. MoU on Cooperation and Collaboration on broadcasting between Prasar Bharati, India, and ANO "TV-Novosti” (Russia Today TV Channel), Russia. Cooperation in the field of broadcasting, including exchange of programmes, personnel, and training.

6. MoU between Indian Pharmacopoeia Commission, Ministry of Health and Family Welfare, Government of the Republic of India and Federal State Budgetary Institution "Scientific Centre for Expert Evaluation of Medicinal Products” of the Ministry of Health of the Russian Federation.
To ensure availability of high quality medicines for human use through exchange of information and capacity building.

7. Cooperation Agreement between the Indian International Arbitration Centre and International Commercial Arbitration Court at the Chamber of Commerce and Industry of the Russian Federation. Facilitation of settlement of civil law disputes of commercial nature.

8.Joint Investment Promotion Framework Agreement between Invest India and JSC "Management Company of Russian Direct Investment Fund”
Facilitation of investment by Russian companies in the Indian market by promoting and fostering investment cooperation.

9.MoU between Trade Promotion Council of India and All Russia Public Organization "Business Russia”
Promotion of bilateral trade and investment, organizing B2B meetings, business promotion events; and exchange of business delegations.

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