Reviewing and enhancing relations, India attaches ‘highest importance’ to its bilateral ties with Russia

Moscow, September 15: Attaching ‘highest importance’ to its relations with Russia, External Affairs Minister Sushma Swaraj on Friday conducted a comprehensive review of bilateral ties ahead of President Vladimir Putin's planned visit to New Delhi early next month.

EAM Sushma Swaraj visited Russia for the third time in 11 months, called on Russia's Deputy Prime Minister Yuri Borisov and two leaders co-chaired the 23rd India-Russia Inter-Governmental Commission on Trade, Economic, Scientific Technical and Cultural Cooperation (IRIGC-TEC) meeting.

In a statement after the meeting, EAM Sushma Swaraj said, "India and Russia enjoy a special and privileged strategic partnership. This partnership has strengthened over time and covers a vast agenda involving almost all sphere of human activity. India attaches the highest importance to its relations with Russia."

 

The commission has met in the run-up to the 19th India-Russia Annual Summit which is expected to be held in India early next month, she said, adding that both sides are currently working to prepare for this summit. Expressing satisfaction after reviewing the bilateral relations, Sushma Swaraj said that she is confident that India and Russia’s deliberations will further strengthen cooperation with Russia in all fields in existing and new areas of cooperation.

The two sides discussed ways to enhance bilateral trade which in 2017 reached USD 10.17 billion. India and Russia discussed ways and means to increase this momentum, ensure balanced trade, and remove barriers to trade. Two-way investments have already crossed the USD 30 billion target, which we had set for 2025. We have therefore proposed that we enhance this figure to USD 50 billion by 2025.

 

Swaraj said both sides also discussed the possibilities of working together on projects in third countries. Pertaining to the new dimensions, there has been a significant expansion in our cultural and tourism exchanges.

Russia and India are on track to bring the trade turnover to USD 30 billion in the coming years. India and Russia are working on further liberalizing visa regulations on both sides, Swaraj said as she welcomed the initiative of the Russian government to enable electronic visas for Indian nationals visiting the Russia Far East.

 

The IRIGC-TEC is a standing body which annually meets and reviews ongoing activities of bilateral cooperation in the fields of bilateral trade and investment, science and technology, culture and other issues of mutual interest.

The last meeting of IRIGC-TEC was held in New Delhi in December 2017. On Thursday, Swaraj met her Russian counterpart Sergey Lavrov and the two leaders had a good exchange of views on bilateral and regional issues.