Modi, Putin chart roadmap: Labour mobility, n-energy, trade & defence (16 PACTS SIGNED DURING RUSSIAN PRESIDENT'S STATE VISIT), Pg1

Key Highlights:

• India and Russia signed a labour mobility pact and agreed on a program for economic cooperation until 2030.
• A 30-day free tourist visa for Russian nationals was announced to boost tourism.
• Both countries pledged to work towards a free trade agreement with the Eurasian Economic Union.
• Bilateral trade between India and Russia has reached USD 64-65 billion, with a target of USD 100 billion by 2030.
• Discussions included cooperation in defence, nuclear energy, and addressing terrorism through information and communications technology.

Detailed Insights:

• The economic cooperation program until 2030 aims to diversify trade and investment, making it more balanced and sustainable.
• Both nations are increasingly using national currencies for bilateral trade, with approximately 90% of transactions already conducted in this manner.
• Cooperation in critical minerals is considered vital for secure and diversified supply chains, supporting partnerships in clean energy and high-tech manufacturing.
• Discussions covered expanding cooperation in nuclear energy, including the Kudankulam Nuclear Power Plant (KKNPP) and exploring a second site for a nuclear power plant in India.
• Enhanced connectivity is a priority, with a focus on the INSTC, the Northern Sea Route, and the Chennai-Vladivostok Corridors.
• Both sides agreed to encourage joint manufacturing in India of spare parts and components for Russian-origin defence equipment under the Make-in-India program.

Key Concepts Involved:

• Labour Mobility Pact: An agreement facilitating the movement of workers between countries, addressing employment needs and skills shortages.
• Free Trade Agreement (FTA): A pact between two or more countries to reduce trade barriers, such as tariffs and quotas, to promote trade and investment.
• INSTC (International North-South Transport Corridor): A multi-modal transportation route linking India, Iran, Russia, and Europe to enhance trade connectivity.