https://sputniknews.in/20250621/trade-and-investment-mantra-to-expand-indo-russian-cooperation-9330686.html
Trade and Investment: Mantra to Expand Indo-Russian Cooperation
Trade and Investment: Mantra to Expand Indo-Russian Cooperation
Sputnik India
India and Russia have been long-term strategic partners, especially in the defence sector. But the nations are now focusing on other areas, working closely to... 21.06.2025, Sputnik India
2025-06-21T19:31+0530
2025-06-21T19:31+0530
2025-06-21T19:31+0530
brics
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global south
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On Friday, Russian President Vladimir confirmed that a long-term cooperation agreement with India was in the works and is expected to be completed soon.Notably, Russia is among India's top-5 trading partners, with bilateral trade between the two nations peaking at $68.7 billion last fiscal.In the financial year 2024-25, India exported goods worth $4.9 billion and imported products valued at $63.8 billion, primarily driven by New Delhi's energy imports from Moscow, as per a recent document released by the Indian Embassy in Russia.Russia has consistently ranked as the top supplier of oil to India for over 30 months. In May 2025, India acquired over 1.9 million barrels per day (mbd) of Russian oil, data from market intelligence firm Kpler showed.Furthermore, Russia and India have set a target of breaching the $100 billion mark in bilateral trade by 2030.Apart from that, India and Russia would be focusing on the diversification of their ties in a sense, with a commitment to cooperating in technological sectors, especially in the domains of artificial intelligence, cyber security, amongst others, he added.As of now, India and Russia's relations are defined by their close cooperation in defence, with the latter helping the former in gaining valuable knowledge of critical military technologies and developing successful joint ventures like the BrahMos and the Indo-Russian Rifles, the strategic affairs commentator noted.Besides the formalisation of a long-term cooperation agreement with India, Putin called for a global shift to a neocolonialism-free development model, which could reshape trade and economic relations within the Global South.A neocolonialism-free development model advocates for having equitable partnerships with developing countries, dismissing any kind of indirect exploitation and control that is linked to neocolonialism.To achieve this, the support of BRICS to Global South nations is very important, believes Marjani.He emphasisedthat Western influence on the global order, particularly in the financial sector, where the American dollar is the prime trading currency, the SWIFT is the main banking system, and multi-lateral institutions like the International Monetary Fund (IMF) and World Bank are largely under their control, should be unshackled.Moreover, India and Russia, being the founding members of BRICS, may play a central role in propagating the neocolonialism-free development model, he summed up.
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Trade and Investment: Mantra to Expand Indo-Russian Cooperation
India and Russia have been long-term strategic partners, especially in the defence sector. But the nations are now focusing on other areas, working closely to elevate their economic cooperation.
On Friday, Russian President Vladimir confirmed that a long-term cooperation agreement with India was in the works and is expected to be completed soon.
"We agreed to prepare long-term plans for cooperation with key partners. A good example of such work is the strategic cooperation plan with the People's Republic of China until 2030. The preparation of action plans, including with countries such as India, should be completed soon," Putin said during his address at the 2025 St. Petersburg International Economic Forum (SPIEF) on Friday.
Notably, Russia is among India's top-5 trading partners, with bilateral trade between the two nations peaking at $68.7 billion last fiscal.
In the financial year 2024-25, India
exported goods worth $4.9 billion and imported products valued at $63.8 billion, primarily driven by New Delhi's energy imports from Moscow, as per a recent document released by the Indian Embassy in Russia.
Russia has consistently ranked as the top supplier of oil to India for over 30 months. In May 2025, India acquired over 1.9 million barrels per day (mbd) of Russian oil, data from market intelligence firm Kpler showed.
Furthermore, Russia and India have set a target of breaching the $100 billion mark in bilateral trade by 2030.
"The recipe for the elevation of India-Russia ties goes through the trade and investment route, something which has become a priority for both countries in recent years," Vadodara-based political analyst and researcher Niranjan Marjani told Sputnik India.
Apart from that, India and Russia would be focusing on the diversification of their ties in a sense, with a commitment to cooperating in technological sectors, especially in the domains of artificial intelligence, cyber security, amongst others, he added.
As of now, India and Russia's relations are defined by their close cooperation in defence, with the latter helping the former in gaining valuable knowledge of critical military technologies and developing
successful joint ventures like the BrahMos and the Indo-Russian Rifles, the strategic affairs commentator noted.
Besides the formalisation of a long-term cooperation agreement with India, Putin called for a global shift to a neocolonialism-free development model, which could reshape trade and economic relations within the Global South.
A neocolonialism-free development model advocates for having equitable partnerships with developing countries, dismissing any kind of indirect exploitation and control that is linked to neocolonialism.
To achieve this, the support of BRICS to Global South nations is very important, believes Marjani.
He emphasisedthat Western influence on the global order, particularly in the financial sector, where the American dollar is the prime trading currency, the SWIFT is the main banking system, and multi-lateral institutions like the International Monetary Fund (IMF) and World Bank are largely under their control, should be unshackled.
"Inclusive development is the core motto of the BRICS, and it does provide financial assistance to Global South states without strings attached, unlike the IMF and the World Bank, whose aid more often than not comes with certain conditionalities," Marjani stressed.
Moreover, India and Russia, being the founding members of BRICS, may play a central role in propagating the neocolonialism-free development model, he summed up.
