India-Russia Trade Relations

Bilateral connections with Russia are an essential element of India's foreign policy. India regards Russia as a long-standing and tried friend who has contributed much to its economic progress and security. Since the signing of the Declaration on the India-Russia Strategic Partnership in October 2000 (during President Vladimir Putin's visit to India), India-Russia relations have taken on a qualitatively new character, with increased cooperation in almost all areas of the bilateral relationship, including political, security, trade and economy, defence, science and technology, and culture.

Enhanced trade and economic cooperation between India and Russia is a key goal for both countries; political authorities, as shown by revised targets of raising bilateral investment to $50 billion and bilateral trade to $30 billion by 2025. To make these trade relations work, a variety of formalized structures for the growth of economic cooperation between the two nations have been established like the The India Russia Intergovernmental Commission for Trade, Economic, Scientific, and Cultural Cooperation (IRIGC-TEC).

-Aashrita