New Delhi, Sep 11 (IANS) Union Minister for Finance & Corporate Affairs Nirmala Sitharaman on Friday met with Russia's First Deputy Prime Minister, Denis Manturov to advance negotiations on a Bilateral Investment Treaty (BIT) and explore deeper cooperation in financial services as the two countries seek to strengthen economic engagement and achieve ambitious trade and investment targets.
Taking to the social media platform X, the Ministry of Finance said both sides agreed to move forward with negotiations on a BIT aimed at creating a mutually beneficial framework to boost investment flows and enhance overall economic engagement between the two countries.
During a meeting here, they reviewed bilateral economic ties and discussed ways to further deepen cooperation across sectors, it added.
In addition, the two leaders also deliberated on opportunities to expand cooperation in the financial services sector, a move that could support growing trade and investment activity between India and Russia, according to the ministry.
The discussions come amid renewed efforts by both countries to significantly scale up bilateral economic relations.
Earlier this week, Union Commerce and Industry Minister Piyush Goyal identified pharmaceuticals, engineering goods, chemicals, textiles and food products as key sectors that could drive growth in India-Russia trade.
Addressing the India-Russia Business Dialogue alongside Russian Industry and Trade Minister Anton Alikhanov, Goyal said the leadership of the two countries had set a target of raising bilateral trade to $100 billion and two-way investments to $50 billion by 2030.
India and Russia currently have bilateral trade of around $60 billion, implying the need for an additional $40 billion in trade over the next four years to achieve the target.
The minister noted that meeting the goal would require sustained double-digit annual growth and coordinated efforts by governments and businesses on both sides. He also highlighted significant untapped opportunities and noted that several products in which India is globally competitive, including pharmaceuticals and engineering goods, are among Russia's major imports but have yet to achieve their full export potential in the Russian market.
The latest high-level engagement underscores the growing focus on expanding trade, investment and financial cooperation between the two strategic partners.
--IANS
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