Russia, India Strengthen Ties Amid Global Turmoil, Vow $100 Billion Trade Goal by 2030
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Russia and India are strengthening their strategic partnership, despite global headwinds, and are working towards a $100 billion trade goal by 2030. In an exclusive interview, Russian Ambassador Denis Alipov highlighted the importance of their relationship, which has been 'time-tested' and 'trusted' for decades. The two nations have made significant progress in their economic cooperation, with trade volumes increasing by more than six times since 2022, making Russia India's fourth-largest trade partner. They have also expanded their cooperation in areas such as nuclear power, defence, space, science, and technology, education, and people-to-people ties. However, the duo is facing challenges due to Western sanctions, which have affected their energy cooperation. To overcome these sanctions, Russia and India are working to improve their system of mutual settlements and have largely switched to settlements in national and alternative currencies, with a share exceeding 90%. Ambassador Alipov emphasized the importance of India's role in helping to end the conflict between Russia and Ukraine, citing its principled and balanced position on the issue. He also highlighted the potential of the BRICS grouping, which India will take over the presidency of in January, to create alternative pathways to development that are inclusive, equitable, and resilient. Looking ahead, Russia and India are planning to strengthen their trade and investment cooperation, including steps to make trade more balanced. They aim to achieve this through an expanded diversification and liberalisation, exploration of new areas, and dedicated support for business engagements and inter-regional dialogue. In the defence sector, Russia is planning to supply more defence hardware to India, including a follow-on contract for S-400 systems. They are also working on joint development of more weapons, such as the BrahMos missile, and are committed to the Make in India initiative. The issue of Indian nationals serving in the Russian Army is also a topic of concern, with both sides working to address this issue. Ambassador Alipov emphasized the importance of the Russian government's cooperation with the Indian government to prevent any potential issues. Overall, the Russia-India relationship is 'time-tested' and 'trusted', and the two nations are working together to strengthen their partnership and achieve their ambitious goals.
