Putin’s productive Asia trip gives boost to business ties with India

BUSINESS was at the heart of Russian President Vladimir Putin’s trip. New Delhi hosted the India-Russia Business Forum, where more than 100 commercial leaders tried to secure an economic cooperation programme to 2030. Deals agreed included critical minerals and civil nuclear technology.

Wider agendas under discussion include small modular reactors, floating nuclear plants and non-energy nuclear technologies in medicine. Agreements were also signed to boost cooperation in shipping and agriculture, including setting up a joint venture fertiliser plant in Russia.

The goal is to create faster momentum so that bilateral trade grows to US$100 billion by 2030, up from US$68 billion in 2024-2025. While that growth trajectory may appear a big stretch, bilateral trade has grown very rapidly since the pandemic. There are negotiations underway for a potential trade agreement between New Delhi and the Eurasian Economic Union, of which Moscow is a key part.