India's PM Modi set to meet Putin in upcoming Russia visit: Kremlin
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India's Modi and Russia's Putin are expected to meet in Moscow next week to discuss “prospects for further development of traditionally friendly Russian-Indian relations, as well as relevant issues on the international and regional agenda."
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Russian President Vladimir Putin and Indian Prime Minister Narendra Modi pose for a photo shaking hands before their talks on the sidelines of the Shanghai Cooperation Organisation (SCO) summit in Samarkand, Uzbekistan, on September 16, 2022. (AP)
India's Prime Minister Narendra Modi is expected to hold talks with Russian President Vladimir Putin during his visit to Russia next Monday and Tuesday, the Kremlin announced on Thursday.
The two leaders will discuss “prospects for further development of traditionally friendly Russian-Indian relations, as well as relevant issues on the international and regional agenda,” the Kremlin said in a statement.
Russia and India have had strong bilateral relations since the Cold War, and New Delhi has acted as Moscow's key trading partner since the start of the Russia-Ukraine war. However, the relationship between the two countries has become tense due to Russia's close developments with India's primary competitor, China.
Modi did not attend the summit created by Moscow and Beijing to counter Western alliances, but he sent his foreign minister to the Shanghai Cooperation Organization's (SCO) annual meeting, which was attended by Putin and Chinese President Xi Jinping.
The big picture
New Delhi has become a prominent purchaser of Russian maritime oil amid Western sanctions on Moscow. Trade between India and Russia surged to $65.7 billion in the fiscal year ending March 2024, a notable 33% rise from the preceding year.
India and Russia are reportedly working together to ensure year-round access to the Northern Sea Route, which spans Russia's northern coast and serves as the shortest shipping route between East Asia and Europe. Their goal is to enhance the transportation of goods to emerging markets by utilizing trade routes effectively.
Moreover, both nations aim to increase their trade volumes by utilizing the Vladivostok-Chennai maritime route, which connects Russia's Far East with southern India.
To strengthen bilateral ties, New Delhi is actively pursuing an investment treaty with Moscow, and is exploring the option of signing a free trade agreement with the Eurasian Economic Union, led by Russia.
Furthermore, discussions are underway between India and Russia regarding potential collaboration in military equipment production.
Regarding China, the Russian president acknowledged in a meeting on Thursday that the Shanghai Cooperation Organization (SCO) member states are increasingly employing national currencies for bilateral settlements. He noted that in the first four months of 2024, these currencies accounted for over 92% of Russia's commercial transactions with SCO participants.
Putin stated that the draft decision on the SCO strategy until 2035 outlines plans to enhance cooperation in politics, security, economy, energy, agriculture, high technologies, and innovations.
