Russian President Vladimir Putin and Prime Minister Narendra Modi on Friday underscored their commitment to strengthening economic ties and expanding strategic cooperation across multiple sectors under their Special and Privileged Strategic Partnership. In a joint statement after the 23rd India–Russia Annual Summit, the two leaders reaffirmed their shared goal of boosting bilateral trade, enhancing connectivity, and exploring new opportunities in the Russian Far East and Arctic regions.
Trade and Economic Partnership
PM Modi and Putin reaffirmed their ambition to expand bilateral trade in a balanced and sustainable manner by boosting India’s exports to Russia, strengthening industrial and technological cooperation, and developing new investment partnerships, particularly in high-technology sectors. They welcomed the adoption of the Programme for the Development of Strategic Areas of India–Russia Economic Cooperation till 2030 (Programme 2030).
Both sides appreciated the progress towards a Free Trade Agreement between India and the Eurasian Economic Union and directed negotiators to intensify efforts on a mutually beneficial pact on the promotion and protection of investments. They also welcomed outcomes of the 25th and 26th IRIGC-TEC sessions and the India–Russia Business Forum held in New Delhi (November 2024) and Moscow (August 2025).
Emphasising their support for an open, inclusive and non-discriminatory multilateral trading system with the WTO at its core, both sides stressed the need to address tariff and non-tariff barriers, streamline logistics, improve connectivity, ensure smooth payment systems, and resolve insurance and reinsurance challenges. These steps, they said, are essential to achieving the revised bilateral trade target of USD 100 billion by 2030.
India and Russia agreed to continue developing bilateral settlement systems using national currencies to ensure uninterrupted trade. The PM and the Russian President also agreed to keep discussing interoperability of national payment systems, financial messaging platforms and central bank digital currency systems. The two sides welcomed measures to secure long-term fertilizer supplies to India and explored potential joint ventures in the sector. Agreements related to mobility of skilled workers were also welcomed.
Russia acknowledged Indian participation in the Saint Petersburg International Economic Forum (June 2025) and the Eastern Economic Forum (September 2025), and both sides noted the contribution of the India–Russia Business Dialogue toward promoting trade and investment. The leaders highlighted the importance of productive bilateral trade in mineral resources, including energy sources, precious stones, metals and critical raw materials, noting that reliable cooperation in these areas is vital for national security and the stability of international supply chains.
Transport and Connectivity
Both sides agreed to deepen cooperation on stable and efficient transport corridors, with a focus on enhancing connectivity through the International North-South Transport Corridor (INSTC), the Chennai–Vladivostok Maritime Corridor and the Northern Sea Route. They welcomed the MoU on training specialists for ships operating in polar waters. The two nations noted ongoing cooperation between their railways, aimed at forging partnerships through mutually beneficial technology exchange.
Cooperation in the Russian Far East and the Arctic
India and Russia reaffirmed their readiness to intensify trade and investment cooperation in the Russian Far East and Arctic regions. They highlighted the 2024–2029 Programme of Cooperation in Trade, Economic and Investment Spheres, which provides a framework for expanding collaboration in agriculture, energy, mining, manpower, diamonds, pharmaceuticals, and maritime transport.
Both sides stressed the importance of regular bilateral consultations on Arctic issues and noted progress in multi-faceted cooperation on the Northern Sea Route. Russia appreciated India’s participation in the 6th International Arctic Forum held in Murmansk in March 2025.
Putin, who is currently on a two-day state visit to India, thanked Prime Minister Narendra Modi for the gracious hospitality extended to him and his delegation in New Delhi, and invited him to visit Russia in 2026 for the 24th India–Russia Annual Summit.
