The Goa 2016 BRICS summit today started off well with a bilateral talk between Prime Minister Narendra Modi and Russian President Vladimir Putin. Modi and Putin are expected to sign a number of agreements and fuel the partnerships between the two nations in the areas of defence and nuclear energy. The agreements include manufacturing of Kamov 226T helicopters, constructions of frigates, and acquisition and building of other defence platforms.
"Our close friendship has given clear direction, fresh impulse, stronger momentum and rich content to our ties," Modi said at a joint press statement with Putin.
He praised Putin’s deep affection for India and his country's stability towards the partnership between two countries. The productive outcome of the meeting comes in the form of laying foundation for deeper defence and economic ties in years ahead.
Modi also mentioned that both India and Russia have agreed to work on an annual military industrial conference that will allow stakeholders on both sides to institute and push collaboration.
Last year in Moscow, Modi said that India would enlarge presence in Russia’s hydrocarbon sector. With the strong and deep engagement in the hydrocarbon sector, Indian companies in the last four months have invested close to $5.5 billion in Russia’s oil & gas sector.
Setting up a science and technology commission
The science and technology commission is expected to reap benefits of joint development, transfer and sharing of cutting-edge technologies in different fields. Modi observed that the businesses and industry between the two countries is connected more deeply and that trade and investment ties are on the upswing. And, with President Putin’s backing, we hope to fast-track India’s association with Eurasian Economic Union Free Trade Agreement, he noted.
He further emphasised that The Green Corridor and the International North South Transport Corridor will serve to strengthen trade facilitation, logistical links and ensure better connectivity between the two countries. India’s effort to setting up of $1 billion between National Investment and Infrastructure Fund (NIIF) and Russia Direct Investment Fund (RDIF) will help advance the infrastructure partnership.