Modi and Putin vow to deepen ties

“THIS COMPREHENSIVE DOCUMENT gives us a concrete set of objectives to the inter-government commission, the ministries and different agencies to remove barriers to trade and investment,’ Putin said after the 23rd India-Russia Summit.

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Going by the discussions both sides had in the past two days, the target of $100 billion bilateral trade can be achieved before 2030, Prime Minister Narendra Modi said.

More than two dozen Indian banks have opened Special Rupee Vostro Accounts (SVRO) to enable trade in local currencies. The use of national currencies is already 96% in commercial deals, Putin said, adding that the growth of Russia India commercial links will be helped by the creation of the free trade zone between India and Eurasian Economic Union (EAEU). The first round of FTA negotiations between India and EAEU - which also includes Armenia, Belarus, Kazakhstan, Kyrgyzstan - concluded recently