Modi, Putin Focus on Trade, Defense, Energy Ties Ahead BRICS
During a bilateral discussion, Prime Minister Narendra Modi and Russian President Vladimir Putin focused on enhancing collaboration in trade, defense, energy, and essential minerals.
Targeting $100 billion in bilateral trade by 2030, India advocated for increased exports to Russia to reduce its widening trade deficit.
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The discussions occurred against a backdrop of escalating geopolitical tensions, featuring ongoing conflict in West Asia and Ukraine, along with uncertain prospects regarding US trade and tariff policies.
“Delighted to meet President Putin in Delhi, less than two weeks after our meeting in Bishkek. During today’s meeting, we talked about closer trade ties, including the implementation of the program for economic cooperation 2030 and cooperation in areas like infrastructure, energy, technology, defense, culture and more,” Modi said on X following the meeting.
The gathering occurred prior to the 18th BRICS Summit in New Delhi, which is set to be officially launched on Saturday.
“The two leaders reviewed progress in bilateral cooperation in political, economic, defense, energy, space, skill mobility and people-to-people domains,” according to a joint statement issued by the Ministry of External Affairs (MEA) and the Russian Embassy in India.
Expanding India's access to the Russian market was a top priority for the Indian PM, as New Delhi aims to reduce a trade deficit of around $50 billion, with exports from Russia to India at about $55 billion compared to imports of under $5 billion.
India also prioritized collaboration in essential minerals, civil nuclear partnerships encompassing fuel cycle and life cycle assistance, enhancing mobility, boosting the number of Indian skilled workers in Russia, and maintaining and expanding cooperation in fertilizers through strategic joint venture initiatives.
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Defense continues to be a crucial aspect of the relationship, with Russia eager to enhance defense connections by exploring the possible purchase and domestic manufacturing of Su-57 fifth-generation fighter jets, along with improvements to the BrahMos supersonic cruise missile system, as suggested by Russian officials previously.
The $100-billion trade goal by 2030 was one of the main topics for discussion. India aims to enhance industrial collaboration through Russia’s inaugural INNOPROM India exhibition, focusing on partnerships in railways and tunneling, progression of the steel value chain, and additional business-to-business prospects.
The leaders additionally shared perspectives on regional and global issues, including tensions in West Asia and the Black Sea area. The Indian declaration mentioned that these disputes “have affected maritime commerce and the safety and security of Indian sailors.”
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“The Prime Minister once again reiterated that dialogue and diplomacy were the way forward in resolving conflicts and India stood ready to assist in peace efforts,” the MEA says.