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India and Russia Advance Investment Treaty Talks, Economic Cooperation
India and Russia are discussing a new agreement to make investing in each other’s countries easier and safer.
Finance Minister Nirmala Sitharaman met Russian official Denis Manturov in New Delhi.
The agreement is called a Bilateral Investment Treaty, or BIT.
It would create rules and protections for businesses and investors.
The two sides also discussed working more closely in financial services.
India and Russia want their trade to reach $100 billion by 2030.
They also want investments between the countries to reach $50 billion.
Medicines, engineering goods, chemicals, textiles and food products could help increase trade.
Finance Minister Nirmala Sitharaman met Russia’s First Deputy Prime Minister Denis Manturov in New Delhi.
India and Russia agreed to advance negotiations on a Bilateral Investment Treaty to encourage investment flows.
The discussions also covered deeper cooperation in financial services and broader economic ties.
India and Russia aim to raise bilateral trade to $100 billion and two-way investments to $50 billion by 2030.
Current bilateral trade is around $60 billion, with pharmaceuticals, engineering goods, chemicals, textiles and food products identified as growth sectors.
- Who
- India’s Finance Minister Nirmala Sitharaman and Russia’s First Deputy Prime Minister Denis Manturov.
- What
- They agreed to advance negotiations on a Bilateral Investment Treaty and discussed financial-services cooperation.
- Where
- New Delhi, India.
- When
- On Friday, during Russia’s President Vladimir Putin’s visit to India and the 18th BRICS Summit period.
- Why
- To encourage investment, deepen economic cooperation and help expand bilateral trade and investment.
Key facts
- Treaty
- India and Russia agreed to advance negotiations on a Bilateral Investment Treaty.
- Meeting
- Nirmala Sitharaman met Denis Manturov in New Delhi.
- Trade target
- The countries aim to raise bilateral trade to $100 billion by 2030.
- Investment target
- They aim to increase two-way investments to $50 billion by 2030.
- Current trade
- Bilateral trade is currently around $60 billion.
- Potential growth sectors
- Pharmaceuticals, engineering goods, chemicals, textiles and food products were identified as key sectors.
- Related event
- The 18th BRICS Summit was scheduled for September 12 and 13 in New Delhi.
Quotes
India’s Finance Ministry
India’s government ministry responsible for finance and economic policy
“It was agreed to advance negotiations on a Bilateral Investment Treaty (BIT), with a view to establishing a mutually beneficial framework for enhancing investment flows and economic engagement,”
freepressjournal.in
Dmitry Peskov
Russian presidential spokesperson
“They will touch on the bilateral agenda. Trade and economic cooperation is a very wide scope,”
freepressjournal.in
Sources
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