India, Russia To Boost Ties To Achieve $30 Billion In Bilateral Trade By 2025

India and Russia have called for diversifying and deepening of economic ties in priority sectors to meet the bilateral trade target of $30 billion by 2025, India’s commerce ministry said on Tuesday.

The expansion of India-Russia bilateral trade was the focus of a meeting between India’s Commerce Minister Piyush Goyal and Russia’s Deputy Prime Minister Yuri Trutnev between Aug. 11 and Aug. 13 in Vladivostok, Russia.

A delegation, including chief ministers of Haryana, Gujarat, Uttar Pradesh and Goa, and about 140 Indian companies, was led by Goyal at the business session. He urged companies of both countries to discuss partnerships directly and come up with concrete project proposals.

According to a commerce ministry statement, several memoranda of understanding were signed between regions of Russian Far East and five states of India to expand and strengthen cooperation in sectors of trade, economy, science and technology.

An agreement was also signed between Amity University and Russia’s Far East Federal University to enhance relations and develop academic and cultural exchange in areas of education and research. An agreement was also concluded on the establishment of representative offices, Centre for Yoga, and Pushkin Centre for Russian Language and Cultural Studies.

The chief ministers of Haryana, Gujarat, Uttar Pradesh and Goa also sought Russian investments and collaborations in energy, agriculture and food processing sectors.

India-Russia bilateral trade stood at $8.3 billion in 2018-19.