India and Russia agreed to continue working together to promote a bilateral settlement system using national currencies as President Vladimir Putin hosted the Indian Prime Minster Narendra Modi for the 22nd India-Russia Annual Summit. The development means a continued insistence by the nations of the Global South to ensure trade interoperability in their own currencies in a strong blow to the US Dollar.
“Aiming to further accelerate and sustain the growth of bilateral trade, the leaders agreed to set the bilateral trade target to 100 billion USD by 2030,” said the 12th point of the total 81-point joint statement following the conclusion of the 22nd India-Russia annual summit.
To further expand business ties, the Modi and Putin launched the first ever India-Russia Investment Forum. The two sides also agreed to facilitate participation of the Russian businesses towards Make in India and Atmanirbhar Bharat programmes and the that of Indian companies in investment projects in Russia, the joint statement stated.
The two sides said that they will continue joint efforts to intensify the use of the International North South Transport Corridor (INSTC) route to reduce time and cost of the cargo transportation and promote connectivity in Eurasian space. “Cooperation in the field of transport and logistics will be based on the principles of transparency, broad participation, local priorities financial sustainability and respect for sovereignty and territorial integrity of all nations,” the official readout said.
The two sides expressed readiness to actively work to expand logistics links with an emphasis on increasing the capacity of infrastructure, including for the implementation of the Chennai -Vladivostok Eastern Maritime Corridor and the INSTC as well as potential of the Northern Sea Route. Earlier in the day, PM Modi was presented the Order of St. Andrew Apostle by the Russian President Vladimir Putin. PM Modi received the award for his distinguished contribution to the development of the privileged strategic partnership between Russi and India and friendly ties with the two countries.
PM Modi told President Putin that war is not a solution. Modi also highlighted how it gave him immense pain when innocent children were murdered. “I am happy that we could discuss about the war in Ukraine with an open mind and we listened to each other’s thoughts on the war with great respect, PM Modi said during bilateral talks with President Vladimir Putin in Moscow.
