Dmitry Patrushev, the Deputy Prime Minister of Russia, engaged in discussions with Indian Prime Minister Narendra Modi in Delhi. The focus was on solidifying the bond between the two nations and exploring avenues for enhanced trade cooperation. Patrushev underscored the special and robust relationship between Russia and India, highlighting India’s status as a close and trusted partner. He noted that bilateral trade in 2024 had reached its highest point yet.
A key aspect of the discussions centered on a potential Free Trade Agreement (FTA) between India and the Eurasian Economic Union (EAEU). The implementation of an FTA could streamline trade and boost economic activity. The leaders also considered establishing a new grain exchange for the BRICS countries, a move that is intended to foster growth in agricultural trade.
The meeting took place in conjunction with ‘World Food India 2025’. Patrushev reaffirmed Russia’s dedication to sustained collaboration with India across various sectors. Prime Minister Modi expressed his satisfaction with the meeting and highlighted the focus on advancing collaboration in agriculture, fertilizers, and food processing.
The meeting occurred against the backdrop of international sanctions targeting Russia due to the ongoing situation in Ukraine. India, however, has strategically managed its historical and strategic links with Russia.
Trade between Russia and India reached $70.6 billion in 2024, showing a 9.2% increase from the previous year. India’s imports from Russia made up $67.15 billion of that figure. Before the COVID-19 pandemic, the trade volume was just $10 billion, reflecting a considerable expansion in trade between the two nations.