India and Russia have agreed to an Economic Cooperation Program extending until 2030, aiming to diversify bilateral trade and investment linkages.

This significant agreement was announced following the 23rd India-Russia Annual Summit, held on December 4-5, 2025, which saw Prime Minister Narendra Modi and President Vladimir Putin engage in comprehensive bilateral discussions.

During the summit, both leaders emphasised the enhancement of connectivity and cooperation in areas such as shipbuilding, energy, and critical minerals. They also attended the plenary session of the India-Russia Trade Forum, highlighting its role as a platform to invigorate business ties and foster new avenues for innovation and economic growth.

Prime Minister Modi underscored the importance of cultural and people-to-people connections between the two nations, reinforced recently by the opening of two new Indian consulates in Russia and the transfer of Buddhist relics to Russia. He pointed to considerable potential in education, skill development, and training as vital components for deeper collaboration.

The summit discussions covered a broad spectrum of cooperation, including industrial partnerships and technology exchange, especially in advanced high-technology sectors. Both leaders expressed a shared ambition to expand bilateral trade sustainably, with special emphasis on increasing India's exports to Russia.

A vital part of the summit was the formal adoption of the ‘Program for the Development of Strategic Areas of India-Russia Economic Cooperation till 2030,’ also known as Program 2030. This roadmap sets the framework for a structured expansion in trade and economic relations between the two countries over the coming years.

The leaders also welcomed progress made in negotiations towards a Free Trade Agreement on goods between India and the Eurasian Economic Union, and agreed to intensify efforts to finalise a mutually beneficial investment promotion and protection agreement. These steps aim to deepen economic integration and reduce trade barriers.

In the joint statement, both sides reiterated their commitment to an open, inclusive, and transparent global trade system anchored by the World Trade Organization. They identified key areas to address, such as tariff and non-tariff barriers, logistics bottlenecks, smooth payment mechanisms, and improving insurance and reinsurance arrangements to help achieve the revised bilateral trade target of USD 100 billion by 2030.

An important component of this trade cooperation is the joint development of bilateral settlement systems using national currencies. Both countries agreed to continue consultations aimed at achieving interoperability between their national payment systems, financial messaging frameworks, and central bank digital currency platforms to facilitate uninterrupted trade despite global financial uncertainties.

The summit also discussed efforts to ensure the long-term supply of fertilisers to India, including exploring the establishment of joint ventures. This move is crucial for India’s agricultural sector, dependent on reliable fertiliser availability.

Additionally, agreements were signed to enhance mobility for skilled workers, improving workforce exchanges and addressing sectoral skill shortages. Russia welcomed India’s participation in major economic forums such as the Saint Petersburg International Economic Forum (June 2025) and the Eastern Economic Forum (September 2025), stressing the role of these dialogues in promoting bilateral trade and investment.

The leaders noted the strategic importance of cooperation in mineral resources, including energy, precious stones, metals, and critical raw materials vital for global supply chain reliability. Such cooperation supports national security and social well-being for both countries, enhancing resilience in an uncertain international landscape.

Prime Minister Modi reiterated India’s strong commitment to peace and the pursuit of a peaceful solution to the conflict in Ukraine during his talks with President Putin. Both leaders emphasised the need to combat terrorism jointly and pledged continued close work in multilateral forums to address global challenges collaboratively.

The visit marked a significant reaffirmation of India-Russia ties, combining deep-rooted historical friendship with pragmatic, future-focused economic and strategic cooperation. The Economic Cooperation Program till 2030 serves as a detailed blueprint to elevate bilateral relations, underpinning India and Russia’s shared ambition to navigate global challenges together while strengthening their strategic partnership.

Based On ANI Report