Deputy Prime Minister of Russia, Dmitry Patrushev, held talks with Prime Minister Narendra Modi in Delhi, focusing on strengthening bilateral relations and expanding trade. Patrushev highlighted the robust and special bond between Russia and India, labeling India as a key ally. He noted that the trade volume between the two nations hit a record high in 2024.
A significant part of the discussion involved a potential Free Trade Agreement (FTA) between India and the Eurasian Economic Union (EAEU), aimed at streamlining trade processes. Additionally, the leaders explored the creation of a grain exchange specifically for BRICS countries, a move expected to promote agricultural trade.
The meeting took place during the ‘World Food India 2025’ event. Patrushev conveyed Russia’s commitment to ongoing collaboration with India across various sectors and its dedication to bolstering the relationship. Prime Minister Modi expressed his satisfaction with the discussions, highlighting the focus on enhancing cooperation in areas like agriculture, fertilizers, and food processing.
The meeting transpired amidst international sanctions against Russia due to the Ukraine conflict. While the US has imposed tariffs on Russian oil purchases by India, India has maintained a balanced approach to its historical and strategic partnership with Russia.
In 2024, the trade volume between Russia and India reached $70.6 billion, a 9.2% rise from the previous year, with Indian imports from Russia totaling $67.15 billion. This represents a substantial increase from the pre-COVID-19 trade level of $10 billion, setting a new benchmark for the trade relationship between the two countries.