Moscow: Russian President Vladimir Putin will reach India early Friday, September 11 on a three-day visit during which he will attend the 18th BRICS Summit and hold a bilateral meeting with Prime Minister Narendra Modi, Kremlin aide Yury Ushakov said on Thursday, September 10.
On Friday, President Putin will address the Plenary Session of the annual BRICS Business Forum, which traditionally precedes the summit and serves as an important platform for dialogue among business representatives from BRICS countries, he was quoted as saying by the state-run TASS news agency.
On the same day, the Russian President will hold a bilateral meeting with Prime Minister Modi and join him for a visit to the Innoprom exhibition, organised by the two countries’ Ministries of Industry and Trade, Ushakov said.
The main Summit programme will begin on September 12 with a meeting of BRICS Leaders to discuss initiatives put forward by the Indian Chairship and prospects for further strengthening the BRICS strategic partnership in politics and security, economics and finance, and cultural and humanitarian ties, he said.
The leaders will also exchange views on current international and regional issues.
On Sunday, September 12 an expanded BRICS meeting will bring together the Heads of delegations from BRICS member and partner countries, as well as invited countries and Heads of international organisations.
Putin will also hold meetings with several international leaders, including South African President Cyril Ramaphosa, Malaysian Prime Minister Anwar Ibrahim and Egyptian President Abdel Fattah el-Sisi on the sidelines of the summit, TASS reported.
“As is customary, such multilateral events provide an opportunity for bilateral meetings. This time, too, we have scheduled several bilateral meetings,” Ushakov said.
No separate full-format meeting between President Putin and Chinese President Xi Jinping has been scheduled on the sidelines of the BRICS summit in New Delhi, though they are almost certain to converse during “a so-called pull-aside meeting,” the news agency said.
India, Russia Fast-Track Bilateral Investment Treaty Talks
New Delhi, Sep 10 (PTI) India and Russia are fast-tracking negotiations for a new bilateral investment treaty (BIT) with an aim to provide legal certainty to investors of both countries, Commerce and Industry Minister Piyush Goyal said on Thursday.
Addressing the India-Russia Business Dialogue here with Russian Minister of Industry and Trade Anton Alikhanov, Goyal also said that both the countries are committed to the early conclusion of talks for the India- and Russia-led EAEU free trade agreement.
The five members of the Eurasian Economic Union (EAEU) are Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia.
The pact, he said, would open new markets for industries including MSMEs.
“We (India-Russia) are fast-tracking a new bilateral investment treaty to give investors on both sides the legal certainty that projects and businesses look for when they are finalising investment decisions,” he said.
“We continue to strengthen local currency settlement mechanisms, because payment friction, more often than tariffs, is what slows trade down on the ground,” he added.
Goyal called for an accelerated India-Russia economic and industrial partnership, urging businesses from both countries to work towards achieving the target of USD 100 billion in bilateral trade and USD 50 billion in two-way investment by 2030.
At present, the bilateral trade stood at USD 60 billion.
Increasing bilateral trade from the current base of around USD 60 billion would require adding about USD 40 billion in the next four years and sustained double-digit growth year-on-year, he said.
He stressed that achieving this would require significant efforts not only from the governments but equally from businesses in both countries.
Highlighting the opportunities for diversifying bilateral trade, Goyal said that Indian exports of meat and edible meat products had more than doubled from USD 36 million to USD 97 million, an increase of nearly 170 per cent.
Fish and aquatic products grew from USD 123 million to USD 159 million, an increase of nearly 30 per cent, while exports of edible vegetables rose from USD 38 million to USD 54 million, an increase of 40 per cent.
Similarly, shipments of coffee, tea and spices increased by 13 per cent to USD 116 million, while products of the milling industry had nearly doubled.
“These figures reflected growing demand in the Russian market for products from Indian farmers, food processors, micro, small and medium enterprises and MSME exporters,” he added.
However, he said that only a small portion of the potential had been tapped so far.
Referring to the complementarity between the two economies, he said there were several products where Russia is a significant importer, and India is a significant exporter globally, but India is not yet a significant exporter to Russia.
He identified pharmaceuticals, auto components, tractors and food products among the opportunities waiting to be explored.
Further, the minister said that non-energy trade between the two countries remained much smaller than its potential and represented the headroom that needed to be filled to move bilateral trade from USD 60 billion to USD 100 billion.
He said rebalancing bilateral trade through greater Indian exports of pharmaceuticals, engineering goods, chemicals, textiles, food products, marine products and auto products would be central to achieving the target.
On investment, Goyal said that the India-Russia priority investment projects mechanism is currently tracking 40 live investment projects across advanced manufacturing, energy, mining, railways and emerging technologies.
He called upon the Russian side to help open the doors wider for Indian investments in Russia in pharmaceuticals, IT, artificial intelligence, services, engineering and railways, so that the USD 50 billion investment target becomes genuinely a two-way street.
He also highlighted investments in the physical backbone of the bilateral relationship, including the International North-South Transport Corridor and the Chennai-Vladivostok maritime corridor, stressing that connectivity is a part of trade policy and not merely infrastructure.
Five specific asks for businesses and officials
The minister urged businesses to finalise at least one deal before leaving Delhi, identify one new friend and partner, and take forward at least one concrete project.
Goyal called upon businesses to add a new non-energy line to their trade and investment plans, particularly in pharmaceuticals, engineering goods, chemicals, auto components, tractor parts, textiles, food, agri-tech and marine products.
He also suggested the Russian industry to manufacture in India and not only sell in the country.
“India’s national industrial corridors are investment-ready, with plug-and-play infrastructure available for global partners,” he said, highlighting India’s youthful talent and skilled labour as an important resource for Russian companies, noting that such skilled labour may be difficult to find in Russia.
The minister urged Indian industry to go to Russia not merely as visitors but as investors and exporters, and to cultivate friendships, new partnerships and new business potential.
Further, Goyal called upon officials on both sides to listen to industry and identify the factors that are blocking trade and investment.
He asked them to examine whether payment systems, certification requirements, standards, logistics, visa access or approvals were creating difficulties.
He assured the Russian side that he and his colleagues stood ready to help make the entire journey seamless, smooth and exciting.
Highlighting India’s strengths as an investment and manufacturing destination, Goyal said India offers scale and a rapidly expanding industrial manufacturing base.
Russia brings decades of engineering excellence, particularly in aerospace, metallurgy, nuclear technology and mining.
Goyal joked that the Russian minister is probably in the wrong profession and “we should expand our audio-visual cooperation, and possibly see him starring in a movie in Bollywood very soon”.
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