BRICS: India and Russia Agree to Major Trade Deal

Joshua Ramos
India Russia BRICS Narendra Modi Vladimir Putin
Source: Alexandr Demyanchuk / Sputnik / AFP via Getty Images

BRICS partner nations India and Russia have reached an agreement on what is a monumental trade deal for both countries. India’s Prime Minister, Narendra Modi, visited Moscow for the first time in five years this week. Moreover, his meeting with Russian President Vladimir Putin has led to the landmark pact that will impact a plethora of sectors.

The agreement sets a $100 billion trade target for the allies by 2030, according to Russia’s presidential aide, Maxim Oreshkin. The unilateral trade target was reportedly discussed “in great deal,” within the two-day meeting conducted by both leaders.

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India and Russia Sign Massive Trade Deal in Vital Meeting

Source: Lowy Institute

The economic alliance of the global south took a massive step forward in its cooperative action today. Indeed, the BRICS bloc saw both India and Russia reach an agreement on a monumental trade deal. It is set to impact their economic cooperation in a massive way.

The meeting saw the two sides discuss a range of issues present in Russia and India relations, the formers Foreign Minister Sergey Lavrov stated. The discussions included confirmation of Modi’s presence at the upcoming BRICS summit, as well as increased cooperation in the G20 collective.

The meeting culminated in Modi’s receiving of Russia’s Order of St. Andrew the Apostle, the country’s highest award. Additionally, the bilateral relationship was defined using the term “special privileged partnership,” by Lavrov.

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“Our talks covered ways to diversify India-Russia cooperation in sectors such as trade, commerce, security, agriculture, technology, and innovation,” Modi said in a post to X (formerly Twitter). “We attach such great importance to boosting connectivity and people-to-people exchanges.

The country’s oil discussion was perhaps their most interesting. Both sides discussed the “possibility of a long-term agreement for the supply of Russian oil to India,” Russia’s deputy Prime Minister Alexander Novak told state media.

Altogether, the talks seem to have strengthened the nation’s bilateral trade. It should then only strengthen BRICS. Russia has continued to seek increase cooperation with all nine members. India is the latest to sign such a comprehensive economic agreement.