19th India-Russia Annual Bilateral Summit
President of the Russian Federation Mr.Vladimir V. Putin visited India for the 19th Annual Bilateral Summit between India and Russia.
2Improving Connectivity
  • India and Russia aim to improve connectivity and have called for the development of International North-South Transport Corridor(INSTC). The project proposes greater movement across Nhava Sheva in Mumbai through Bandar Abbas in Iran to Astrakhan in Russia and Baku in Azerbaijan.
  • Expedite the process related to customs, development of road and rail infrastructure, along with discussions with other partner countries.1
  • India and Russia aim to increase bilateral trade to USD 30 billion by 20252, from USD 10 billion in 2017.3
  • Welcomed the initiating of consultations for Free Trade Agreement between India and Eurasian Economic Union (EaEU). The EaEU includes Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan.
  • The Sides agreed to mutually share mandatory inspections/ regulatory requirements in the process of import/ export of merchandise trade.
  • The Sides agreed to share the list of exhibitions, trade fairs, export promotion councils and other export related institutions.
  • Launch of Green Corridor Project, that would simplify custom operations between India and Russia
4Regional Cooperation
  • Cementing Cooperation between Indian states and Russian regions to institutionalize cooperation at regional level. Few agreements signed are: Assam and Sakhalin, Haryana and Bashkortostan, Goa and Kaliningrad, Odisha and Irkutsk, Visakhapatnam and Vladivostok.
5Sector-Specific Developments
  • Gems & Jewellery- Long-term contracts for supplies of rough diamonds by PJSC ALROSA to Indian companies
  • Pharmaceutical- Appreciated the establishment of a pharmaceutical plant by Advance Pharma Company in Russia
6Investment Promotion
  • Launch of “Single Window Service” by the Ministry of Economic Development of the Russian Federation for facilitating operation of Indian companies in Russia.
7List of Agreements/ MoUs Exchanged between India and Russia
  • Protocol for Consultations between the Ministry of Foreign Affairs and MEA for the period 2019-2023
  • Memorandum of Understanding between the Ministry of Economic Development of the Russian Federation and the National Institution for Transforming India (NITI Aayog)
  • Memorandum of Understanding between Indian Space Research Organization (ISRO) and the Federal Space Agency of Russia ‘ROSCOSMOS’ on Joint Activities in the field of Human Spaceflight Programme
  • Memorandum of Cooperation between the Indian and Russian Railways
  • Action Plan for Prioritization and Implementation of Cooperation Areas in the Nuclear Field
  • Memorandum of Understanding between the Russian Ministry of Transport and Indian Railways in the Development Cooperation in Transport Education
  • Memorandum of Understanding between the National Small Industries Corporation (NSIC), of India and the Russian Small and Medium Business Corporation (RSMB), on Cooperation in the field of Micro, Small and Medium Enterprises
  • Cooperation Agreement in the Fertilizers Sector between the Russian Direct Investment Fund" ("RDIF”); PJSC Phosagro (PhosAgro) and Indian Potash Limited (IPL)

Source 4
Source 1, 2, 3: ITC Trade Map; PwC Calculations, 4
October 2018