India and Russia are aiming to achieve $30 billion in annual bilateral trade by 2025. The trade between the two countries stood at close to $10 billion in 2019. Russian deputy chief of mission Roman Babushkin told Financial Express, “The FTA between India and Eurasian Union is a priority project for all of us and we are moving towards the early conclusion of the agreement.”
“Indian partners are showing increasing engagement in the Russian Far East oil and gas, coking coal, diamonds, innovation, infrastructure, civil aviation, ship-building and other projects as well. Both countries are working to expand regional connectivity through the North-South Transport Corridor, Vladivostok-Chennai Maritime Sea Route, space, AI, information security partnership, use of national currencies in international trade and ensure interconnection of national payment systems,” Babushkin said.
Babushkin said Russia is aiming to ensure a largest participation in the Air-India 2021 in Bengaluru, which will also see big developments in the defence cooperation.
Under the current programme of cooperation, which is due to expand for next 10 years, the S-400 Air Defence Systems contract is one of the most important ones with $54 billion worth by the end of 2021. Under the AK-203 contract, more than 7 lakh items are to be produced as part of the Indo-Russian Rifles JV in India. In the $2-billion Ka-226 helicopter project, 140 out of 200 machines will be produced in India with maximum possible level of localization.