India and Russia for promoting trade in local currencies
India and Russia expressed their support to promoting
bilateral trade in national currencies and pledged to increase economic
cooperation through joint ventures in different sectors.
The two sides also noted that the two-way investment will
increase to USD 30 billion by 2025.
The 19th India-Russia annual summit between Prime Minister
Narendra Modi and Russian President Vladimir Putin held in New Delhi.
The bilateral trade in 2017 increased by more than 20 %.
The (two) sides expressed their support to promoting
bilateral trade in national currencies.
Both the countries agreed to explore opportunities for joint
collaboration in sectors like precious metal, minerals, natural resources and
The two countries also called for expediting the
negotiations for a free trade agreement between Eurasian Economic Union and its
member states, and India.
The Indian side invited Russian companies to participate in
the development of industrial corridors in India, including in areas of road
and rail infrastructure, smart cities, construction of wagons and creation of a
joint transportation logistics company.
The Russian side offered its expertise in tax collection
based on satellite navigation technologies for the realisation of joint
projects in India including in the framework of above mentioned industrial
Both the countries called for the development of the
International North-South Transport Corridor (INSTC) through intensified
efforts by finalizing pending issues related to Customs authorities,
development of road and rail infrastructure and financial facilitation through
bilateral discussions as well as discussions with other partner countries at
The proposed trilateral meeting between India, Federation
and Iran on the sidelines of ‘Transport Week – 2018’ in Moscow, on the issue of
Indian goods transportation through the territory of Iran to Russia.
Russia also supported the early launch of the Green Corridor project aimed at
the simplification of customs operations in respect of goods being transported
between India and Russia.
Both the countries agreed to actively promote joint projects
in third countries in sectors such as railways, energy and others where there
is a complementarity between them in terms of technology and resources.