India and Russia must explore fresh avenues to deepen their strategic partnership, officials and experts emphasized at a high-level conference in Moscow on Thursday. The event, titled Russia and India: Towards a New Bilateral Agenda, was organized by the Russian International Affairs Council (RIAC) with the support of the Indian Embassy. It underscored the need for enhanced economic collaboration despite existing synergies between the two nations.
The conference brought together diplomats, public officials, and foreign policy experts to evaluate bilateral ties and identify new areas of cooperation. Discussions focused on achieving the ambitious goal of increasing India-Russia trade to $100 billion over the next five years, a target set by Russian President Vladimir Putin and Indian Prime Minister Narendra Modi during their July 2024 meeting in Moscow.
Expanding Economic Cooperation Amid Geopolitical Shifts
Amid Western-imposed sanctions and growing geopolitical shifts due to the Ukraine conflict, Russia has expanded economic partnerships with several nations in the Global South, including India.
“Our trade turnover skyrocketed. We have achieved levels we couldn’t have imagined before,” said RIAC Director-General Ivan Timofeev. He pointed to energy as a driving force behind this growth, alongside traditional areas of cooperation such as nuclear energy, military-technical collaboration, and food security. Timofeev emphasized that the two countries would continue strengthening their political and economic ties due to their “mutual complementarity.”
Bridging the Gap Between Indian and Russian Entrepreneurs
Despite strong government-level cooperation, experts noted the need to enhance awareness among entrepreneurs in both countries. Pankaj Saran, former Indian ambassador to Russia and convenor of Delhi-based think tank NatStrat, stressed the importance of business and academic exchanges to foster greater connectivity.
“We have to address that. We just have to make sure people know each other – people who matter. Business startups, investors, academics – so much more people-to-people exchange, many more flights, more exchanges. That’s how awareness will grow,” Saran told RT.
India’s Potential Role in Ukraine Peace Process
Kanwal Sibal, former Indian foreign secretary and ambassador to Russia (2004–2007), stated that India is closely monitoring peace negotiations between Moscow and Washington regarding the Ukraine conflict. He suggested that once a UN-ratified resolution is reached, India could play a credible role as a peace monitor in Ukraine.
Meanwhile, Russian Deputy Foreign Minister Andrey Rudenko praised India’s “well-balanced and calibrated” stance on the Ukraine issue, expressing gratitude for its calls for a peaceful resolution through inclusive dialogue.
Reviving the Russia-India-China (RIC) Dialogue
Rudenko also welcomed progress in India-China relations and supported reviving the Russia-India-China (RIC) dialogue format. “It is a very important platform where India and China, with Russia’s participation, can discuss global and regional issues,” he noted.
As India and Russia navigate evolving geopolitical landscapes, their commitment to bolstering strategic and economic ties remains steadfast. The conference in Moscow reaffirmed that both nations see untapped potential for growth and are keen on fostering deeper cooperation in the years to come. The ambitious $100 billion trade target remains a central focus, reflecting their shared economic aspirations.
