According to Russia's Deputy Prime Minister Mr. Denis Manturov, who was present at an event in New Delhi with India's Foreign Minister Mr. S. Jaishankar, the two nations are in talks to establish a free trade agreement (FTA) to guarantee investment between them.
As per a report by Reuters, India was in an ‘advance agreement’ for a bilateral trade treaty with Moscow.
The bilateral trade has been the main beneficiary and a catalyst in this shift, and it has helped the New Delhi-Moscow relations withstand the demands from the West.
Russian investment in India surpassed US$ 18 billion in 2017 and India has so far invested US$ 13 billion in Russia. Furthermore, the US$ 30 billion total investment goal that had been established for 2025 had already been attained. In addition to the current investment process in the strategic sectors in both countries, both sides have taken various steps to boost bilateral investments, particularly through facilitating high-level government-to-business and business-to-business relations.
It is also predicted that both countries will have investment cooperation in the sectors of hydrocarbons, power, coal, nuclear power, fertilizers, IT, mineral and metallurgy, steel, pharmaceuticals, and infrastructure projects amongst others.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.