India Russia Sign 25 Agreements

Now, cooperation is not limited to a buyer-seller relationship, but includes joint research and development, training, service-to-service contacts, including joint exercises. The last joint naval exercises were held in the Sea of Japan in April 2007 and joint air exercises were held in Russia in September 2007. An intergovernmental commission on military-technical cooperation is co-chaired by the defence ministers of both countries. The seventh meeting of this government commission was held in Moscow in October 2007. During the visit, an agreement was signed between the two countries on the joint development and production of potential multi-purpose fighters. 19. The energy sector has traditionally been a key area of interaction between the two countries – an area where the Indian and Russian economies complement each other advantageously. Civil nuclear cooperation between India and Russia is an important element of the strategic partnership. The Sides saw how quickly the construction progress of the four remaining nuclear power plants at the six Kudankulam nuclear power plants had progressed.

The two sides discussed the second site and welcomed the continuation of technical discussions on the Russian-designed VVER 1200 and the joint production of equipment and fuel. Russian-Indian talks were held in St. Petersburg and a set of cooperation agreements were signed. Russia has agreed to build more than 20 nuclear reactors over the next 20 years. [47] In an interview, the Russian President said: “It foresees the construction of more than 20 nuclear power plants in India, as well as cooperation in the construction of nuclear power plants after Russian construction in third countries, joint extraction of natural uranium, nuclear fuel production and waste disposal.” [47] In 2012, Gazprom and India GAIL agreed to deliver LNG to India, or 2.5 million tonnes per year for 20 years. LNG deliveries for this contract are expected to begin between 2017 and 21. [55] Indian oil companies have invested in the Russian oil sector, a remarkable example being the NGOC-Videsh, which has invested more than $8 billion with significant stakes in oil fields such as Sakhalin-1. [56] In a joint statement issued by the two governments, it states that “Indian companies should participate significantly in projects related to new oil and gas deposits in the territory of the Russian Federation.

The parties will explore the possibility of building an oil pipeline system linking the Russian Federation to India. ยป [3] 32. The parties welcomed the active work done under the MoU signed to support the Russian side for India`s first manned mission, Gaganyaan. Both governments have long considered their bilateral trade well below its optimal potential, which can only be corrected in the long term by a free trade agreement (FTA). [65] [66] The two governments have set up a Joint Task Force (JSG) to negotiate the specifications of an agreement, a final agreement between India and the Eurasian Economic Union, to which Russia belongs (including Kazakhstan, Armenia, Kyrgyzstan and Belarus). [67] As a result, the indorused free trade agreement would lead to a much broader free trade agreement, which would include India, Russia, Kazakhstan, Armenia, Kyrgyzstan and Belarus. [65] Bilateral trade, once a free trade agreement is in place, is expected to significantly increase the importance of the economy in bilateral relations. [65] [68] [69] 65.