Jaishankar meets Putin, focus on trade, energy, fertilisers, high-tech, Pg1

Key Highlights:

• External Affairs Minister S. Jaishankar met Russian President Vladimir Putin in Moscow to discuss bilateral cooperation.
• Priority areas identified include energy, fertilizers, nuclear energy, and high-tech sectors.
• Prime Minister Narendra Modi and President Putin are scheduled to meet at the upcoming Shanghai Cooperation Organisation (SCO) summit in Kyrgyzstan and the BRICS summit in New Delhi.
• Bilateral trade between India and Russia reached a record high of US$ 68.7 billion in FY 2024-25, with a target of US$ 100 billion by 2030.
• Jaishankar co-chaired the 27th session of the India-Russia Inter-Governmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation (IRIGC-TEC).

Detailed Insights:

• President Putin acknowledged Prime Minister Modi's personal attention to developing Russian-Indian relations, contributing to increased trade turnover.
• The IRIGC-TEC serves as a primary mechanism for monitoring bilateral progress across various sectors of trade and economic cooperation.
• The BRICS summit, hosted by India in New Delhi, will see the participation of President Putin and Chinese President Xi Jinping.
• India and Russia aim to diversify trade beyond traditional areas, exploring industrial goods, agriculture, pharmaceuticals, and technology.
• The India-Russia Inter-Governmental Commission (IRIGC) also includes a division for Military and Military-Technical Cooperation (IRIGC-M&MTC), headed by the defence ministers of both countries.
• The two nations cooperate on multilateral platforms such as the UN, G20, BRICS, and SCO, with Russia supporting India's permanent membership in a reformed UN Security Council.

Key Concepts Involved:

• Shanghai Cooperation Organisation (SCO): A permanent intergovernmental Eurasian political, economic, and security organization founded in 2001, aiming to promote cooperation and stability among member states.
• BRICS: An intergovernmental organization comprising Brazil, Russia, India, China, and South Africa, representing major emerging economies and aiming to increase geopolitical influence and economic cooperation.
• India-Russia Inter-Governmental Commission (IRIGC): A key institutional mechanism established in 1992 for regularly monitoring and promoting bilateral progress in trade, economic, scientific, technological, and cultural cooperation between India and Russia.