Prime Minister Modi reiterated India’s zero-tolerance stance on terrorism, and President Putin reiterated Russia’s support for India in this effort, says Vikram Misri.
00:00I would like to point to another very significant outcome of this particular visit which is the
00:08program of economic cooperation going up to 2030 that has been adopted during this particular
00:15summit and it also serves to give overarching guidance to both sides to expand the scope of
00:22the economic dimension of this relationship. The discussions today also focused considerably
00:32on the proposed free trade agreement that is under discussion between India and the Eurasian
00:40Economic Union which is again expected to help address the issue of the trade deficit. It was
00:48agreed between the two sides that negotiations should be fast-tracked for early conclusion within
00:53the stipulated timelines. The terms of reference for this agreement had in fact been finalized and signed
01:00during the visit just a few weeks ago of the External Affairs Minister to Moscow. I think it was in August
01:08of this year when he had co-chaired the India-Russia Intergovernmental Commission on Trade, Economic,
01:16and Cultural Cooperation with Mr. Denis Manturov, the first Deputy Prime Minister of Russia. During the
01:26current visit both sides also underscored the importance of expediting the discussions and the
01:32negotiations on the bilateral investment treaty which again will help energize investments in both
01:39directions. In addition to this connectivity initiatives were also discussed including the International
01:49North-South Transport Corridor, the Eastern Maritime Corridor, the Chennai-Vladivostok route and also
01:58cooperation along the Northern Sea Route. These corridors again are expected to energize economic linkages, reduce transit
02:08times and expand our trade access across Eurasia and beyond. Both countries are
02:18continuing to work together to promote mutual trade in our national currencies. You would be aware that special Rupee Vostro
02:32accounts have been opened in significant numbers. They right now form a very effective mechanism in terms of
02:42lubricating so to speak the trade flows between the two countries. In terms of numbers, I don't know if I recall
02:44immediately, but I think there are more than two dozen, close to two dozen banks that have opened a large number of these
02:54special Rupee Vostro accounts that facilitate the trade between the two countries currently. We also hope, as I
03:04said, one of the major objectives during this visit was to reach understanding on how to increase Indian exports to
03:16Russia so that we can better address the trade imbalance between the two countries. I think doing these two things together, the
03:28handling the trade balance together with expanding opportunities for settlement in national currencies will allow us to move towards this particular objective.
03:40The Prime Minister appreciated President Putin's support in expediting the opening of two new Indian consulates in Kazan and Ekaterinburg. The plaques for the two new consulates were in fact
04:10again unveiled by the external affairs minister during his recent visit to Russia for the SCO heads of government meeting. These consulates will further deepen our regional outreach in Russia and enhance trade, academic exchange, other kinds of collaboration including culture and people-to-people ties.
04:32On global and multilateral issues, both leaders reaffirmed their shared commitment to the reform of global governance. We underlined the imperative to reform the UN Security Council to reflect contemporary realities and our collaboration in forums where both India and Russia are members such as the G20, BRICS and SCO remains forward-looking.
04:59India, India-Russia defense and military technical cooperation remains robust. Russia also continues to support India's Make in India initiative in this domain, including through joint production and technology transfer. This is also an area that was discussed between the two leaders.
05:19President Putin also briefed Prime Minister at considerable length concerning recent developments on the conflict in Ukraine, including on the talks that are currently underway between Russian representatives and U.S. authorities.
05:40The Prime Minister's Prime Minister reiterated India's longstanding position on this conflict, emphasizing India's interest in seeing the earliest possible cessation of hostilities and a sustainable resolution of the conflict through dialogue and diplomacy.
06:03And you would have heard the Prime Minister's remarks during the press event earlier today. India stands ready to provide any assistance required in this effort and to play an appropriate role in this effort.
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