During Prime Minister Narendra Modi's high-profile two-day visit to Moscow, which concluded on Tuesday, India and Russia inked nine Memorandums of Understanding (MoUs) and agreements across several critical areas, including trade, climate change, and research.
One of the key highlights was the signing of a program for bilateral cooperation in trade, economic, and investment spheres in the Russian Far East for the period from 2024 to 2029. This agreement aims to bolster trade and joint investment projects between India and Russia's Far East Region. Additionally, cooperation principles in the Arctic zone of the Russian Federation were established to further enhance bilateral engagement.
Agreement for bilateral trade and investment
To promote Russian investments in the Indian market, a Joint Investment Promotion Framework Agreement was signed between Invest India and JSC "Management Company of Russian Direct Investment Fund." This agreement is expected to foster investment cooperation and facilitate smoother entry for Russian companies into India. Moreover, the Trade Promotion Council of India and the All Russia Public Organisation "Business Russia" inked an MoU aimed at promoting bilateral trade and investment. This agreement will facilitate B2B meetings, business promotion events, and the exchange of business delegations, thereby strengthening economic ties between the two nations.
Agreement on Climate change, civil disputes
Addressing environmental concerns, an MoU was signed between India's Ministry of Environment, Forest and Climate Change and Russia's Ministry of Economic Development on climate change and low-carbon development. A Joint Working Group will be established under this deal to exchange information, best practices, and co-host research to develop low-cost technologies. Additionally, a Cooperation Agreement was also signed between the Indian International Arbitration Centre and the International Commercial Arbitration Court at the Chamber of Commerce and Industry of the Russian Federation. This agreement aims to facilitate the settlement of civil law disputes of a commercial nature.
Agreement on polar research and others
In the field of polar research, India's National Centre for Polar and Ocean Research and Russia's Arctic and Antarctic Research Institute signed an MoU to enhance cooperation in research and logistics in polar regions. Other significant MoUs include agreements between the Survey of India and the Federal Service for State Registration, Cadastre and Cartography of the Russian Federation; between Prasar Bharati and ANO "TV-Novosti" (Russia Today TV Channel) for cooperation and collaboration in broadcasting; and between the Indian Pharmacopoeia Commission and Russia's Federal State Budgetary Institution "Scientific Centre for Expert Evaluation of Medicinal Products." These agreements signify a deepening of the strategic partnership between India and Russia, paving the way for enhanced cooperation in multiple domains.
(With PTI Inputs)
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