News Delhi: India and Russia signed a landmark Vision 2030 Economic Cooperation Agreement, setting the stage for a deeper and more diversified partnership over the next six years. The pact was formalised following a high-level meeting between Prime Minister Narendra Modi and Russian President Vladimir Putin during the 23rd India–Russia Bilateral Summit.
Calling the new agreement a major step toward expanding economic engagements, Prime Minister Modi said it would unlock fresh opportunities in trade, investment and industrial collaboration. Bilateral trade between the two nations touched USD 68.7 billion in FY 2024–25, and both sides are now looking to broaden the composition of goods and services moving across borders.
Modi noted that the Vision 2030 document will guide cooperation in sectors ranging from energy and minerals to manufacturing, transport, agriculture and pharmaceuticals. He added that the two leaders would jointly participate in the India–Russia Business Forum, which is expected to spur new initiatives in co-production, co-innovation and long-term technology partnerships.
Both countries are also advancing efforts toward a Free Trade Agreement between India and the Eurasian Economic Union, which is expected to give a further boost to market access, supply chain linkages and tariff reduction.
In a notable move to ease mobility, India announced that Russian citizens will soon be eligible for a free 30-day e-tourist visa as well as a 30-day group tourist visa. “This is crucial for manpower mobility in both countries, and we have signed two agreements to facilitate this,” Prime Minister Modi said while outlining the new measures.
Touching upon the Russia–Ukraine conflict, PM Modi reiterated India’s long-standing position in favour of dialogue and de-escalation. India has advocated for peace on the Ukraine issue from the very beginning. "We welcome all efforts being made for a peaceful and lasting resolution of this matter. India has always been ready to contribute its part and will remain so in the future,” he said.