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India and Russia have agreed to a Economic Cooperation Agreement till 2030. Prime Minister Narendra Modi said the agreement will diversify the trade and investment opportunities for both Indi and Russia. India-Russia trade stood at USD 68.7 billion in FY 2024-25.
The signing of the agreement came after a bilateral meeting between PM Modi and Russian President Vladimir Putin. “My friend President Putin, delegates from both countries – I am happy to welcome President Putin for the 23rd India–Russia Bilateral Summit. Twenty-five years ago, President Putin laid the foundation of our strategic partnership,” PM Modi said.
“To further economic cooperation, we have signed a Vision 2030 document. Today, both of us will take part in the India–Russia Business Forum. I am confident this platform will strengthen our business relations and open new avenues for co-production and co-innovation. Both countries are also taking new steps to realise an FTA with the Eurasian Economic Union,” PM Modi said.
PM Modi also said that Russian citizens will soon be able to get free 30-day e-tourist visa and 30-day group tourist visa. “This is crucial for the manpower mobility in both countries… We signed two agreements in this regard,” he said.
Speaking on India’s stance on the Russia-Ukraine war, PM Modi said: “India has advocated for peace on the Ukraine issue from the very beginning. We welcome all efforts being made for a peaceful and lasting resolution of this matter. India has always been ready to contribute its part and will remain so in the future…”
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