Moscow: During PM Modi’s 2-Day Trip to Russia, India inked nine MoUs and agreements on several key areas. It includes trade, climate and research. With this Prime Minister Narendra Modi’s two-day visit to Moscow concluded on Tuesday. During the 22nd India-Russia Annual Summit, India and Russia signed a program of bilateral cooperation to enhance trade, economic, and investment collaboration in the Russian Far East from 2024 to 2029. Additionally, they established cooperation principles for the Arctic zone of the Russian Federation, laying the groundwork for future economic endeavors in that region. This move reflects the enduring and expanding partnership between the two nations, which spans various areas of cooperation, including political, strategic, military, energy, and cultural domains.
To facilitate investment by Russian companies in the Indian market by promoting and fostering investment cooperation, a Joint Investment Promotion Framework Agreement was inked between Invest India and JSC “Management Company of Russian Direct Investment Fund”.
A memorandum of understanding (MoU) between the Trade Promotion Council of India and All Russia Public Organisation “Business Russia” was signed to promote bilateral trade and investment, organise B2B meetings, and business promotion events; and exchange of business delegations.
An MoU was signed between the Ministry of Environment, Forest and Climate Change and the Ministry of Economic Development of the Russian Federation on the issues of climate change and low-carbon development. Under the deal, a Joint Working Group on the issues of climate change and low-carbon development will be set up. There will also be an exchange of information, best practices and co-hosting research to develop low-cost technologies. A MoU was also signed between India’s National Centre for Polar and Ocean Research and Russia’s Arctic and Antarctic Research Institute on cooperation in research and logistics in polar regions.
A Cooperation Agreement was signed between the Indian International Arbitration Centre and the International Commercial Arbitration Court at the Chamber of Commerce and Industry of the Russian Federation. The agreement aims at the facilitation of settlement of civil law disputes of a commercial nature.
Among other MoUs signed were between Survey of India and the Federal Service for State Registration, Cadastre and Cartography, Russian Federation; Prasar Bharati and ANO “TV-Novosti” (Russia Today TV Channel) on cooperation and collaboration on broadcasting; and Indian Pharmacopoeia Commission and Russia’s Federal State Budgetary Institution “Scientific Centre for Expert Evaluation of Medicinal Products”.