India and Russia have agreed to continue jointly developing systems of bilateral settlements through the use of national currencies in order to ensure the uninterrupted maintenance of bilateral trade. A Joint Statement following the 23rd India Russia Annual Summit said both sides have agreed to continue their consultations on enabling the interoperability of the national payment systems, financial messaging systems, as well as central bank digital currency platforms.
Both Sides welcomed steps to ensure long-term supply of fertilizers to India and discussed the potential establishment of joint ventures in this area. They welcomed the signing of agreements related to mobility of skilled workers.
India and Russia have underlined the importance of an open, inclusive, transparent and non-discriminatory multilateral trade system with the World Trade Organization at its core. Both Sides emphasised that addressing tariff and non-tariff trade barriers, removing bottlenecks in logistics, promoting connectivity, and ensuring smooth payment mechanisms are among the key elements for timely achievement of the revised bilateral trade target of 100 billion dollars by 2030. Both sides welcomed the adoption of the Programme for the Development of Strategic Areas of India – Russia Economic Cooperation till 2030.
India and Russia discussed and commended their wide ranging cooperation in the energy sector as a significant pillar of the Special and Privileged Strategic Partnership. They also noted the importance of expeditious resolution of issues related to investment projects in this area, and agreed to resolve the various concerns being faced by their investors in the energy sector. The two Sides agreed to deepen cooperation in building stable and efficient transport corridors, with focus on enhancing infrastructure capacity to support the International North-South Transport Corridor, the Chennai-Vladivostok (Eastern Maritime) Corridor, and the Northern Sea Route.
