India and Russia hold 23rd Annual Summit, unveil Economic Cooperation Programme

Key facts

• The 23rd India-Russia Annual Summit was held at Hyderabad House in New Delhi.
• Prime Minister Narendra Modi and Russian President Vladimir Putin unveiled an ambitious Economic Cooperation Programme aimed at expanding bilateral trade and investment till 2030.
• The two nations are pursuing an early conclusion of a Free Trade Agreement (FTA) with the Eurasian Economic Union (EAEU).
• Targets include $50 billion in mutual investments by 2025 and $100 billion in annual trade by 2030.
• Russia is set to build India’s largest nuclear power plant at Kudankulam.
• Russia assured India of uninterrupted fuel shipments for its growing economy.
• Multiple agreements were signed across sectors including fertilisers, food safety, health, migration, maritime logistics, and energy.
• India and Russia are working towards the early conclusion of a Free Trade Agreement with the Eurasian Economic Union.
• Agreements were signed for a urea plant in Russia with URALCHEM, and MoUs in fertilisers, food safety, medical sciences, shipping, and consumer protection.
• Collaboration in Arctic operations was stressed, with India training seafarers for polar waters.
• India will introduce a free 30-day e-tourist visa and a 30-day group tourist visa for Russian citizens.
• Russia agreed to join the International Big Cat Alliance.
• India reiterated its position on the Ukraine conflict, stating it is 'not neutral' but 'stands for peace'.