Perspective- India-Russia Trade Relations | Current Affairs & Hindu Analysis: Daily, Weekly & Monthly - UPSC PDF Download

India-Russia Relations Overview

• India and Russia are currently engaged in negotiations for a new Bilateral Investment Treaty, aiming to strengthen their economic ties.
• Annual bilateral trade has reached $45 billion, with India focusing on increasing exports to Russia across various sectors.

Eastern Economic Forum

• The Eastern Economic Forum was established in 2015 by Russian President Vladimir Putin to support economic development in Russia's Far East and enhance international cooperation in the Asia-Pacific region.

The Far East of Russia

• The Far East constitutes the easternmost part of Russia, rich in natural resources and strategically located near the Pacific and Arctic Oceans.
• Unique mechanisms like Advanced Special Economic Zones aim to create a favorable investment climate in the region.

Significance of Russia for India

• India views the cooperation with Russia as crucial, particularly in areas such as trade expansion, defense partnerships, and technology transfers.
• Russia plays a dominant role in India's defense sector, providing critical technologies like nuclear submarines.

Economic Collaboration

• The trade relationship between Russia and India, despite potential, has not flourished as expected.
• Initiatives like Make in India have attracted Russian investments in various sectors, including natural resources and manufacturing.

Counterterrorism Efforts

• Both nations strongly condemn terrorism and advocate for global collaboration to combat this menace effectively.
• There is a shared concern over terrorist safe havens, with a particular emphasis on the need to address challenges posed by terrorism.

Cultural Exchange

• India and Russia have a strong tradition of cultural exchange, with mutual interest in language studies, traditional arts, and wellness practices.
• Regular cultural initiatives promote people-to-people connections and foster a deeper understanding between the two nations.

Future Prospects

• India-Russia relations are evolving, with a focus on overcoming bilateral challenges and enhancing cooperation in defense, energy, and infrastructure.
• Both countries aim to explore new avenues of collaboration, including science and technology, infrastructure development, and enhanced connectivity.

Conclusion

• India and Russia are identifying new areas of cooperation, emphasizing deep-sea exploration, knowledge-based economies, and strategic investments.
• The commitment to 'Act Far East' showcases India's willingness to engage with diverse partnerships, reinforcing its relationship with Russia amid global complexities.