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India & Russia Signed A Protocol On Consultations For The Next 4 Years

Utkarsh Classes 28-12-2023
India & Russia Signed A Protocol On Consultations For The Next 4 Years Agreements and MoU 3 min read

India and Russia signed a draft framework for the next four years (2024-28) to advance economic cooperation, energy trade, military-technical cooperation and movement of people.

  • This protocol has been signed during the official visit of External Affairs Minister Dr. S. Jaishankar to Russia.

Foreign Minister S Jaishankar's visit to Russia:

  • Foreign Minister Dr S. Jaishankar met Russian Foreign Minister Sergei Lavrov in Moscow and discussed several issues, including the Indo-Pacific region, Ukraine and the Israel-Gaza conflict.
  • External Affairs Minister Jaishankar has announced the Kudankulam Nuclear Power Plant agreement after meeting with Russian Deputy Prime Minister Denis Manturov on bilateral economic cooperation.
  • In the presence of both leaders, agreements regarding nuclear energy, medicine and medical equipment were signed.
  • Jaishankar also visited the Russian Industry and Trade Exhibition along with Russian Deputy Prime Minister Denis Manturov.

Status of India-Russia trade relations:

  • India's total bilateral trade with Russia was US$ 13 billion in the year 2021-22 and US$ 8.14 billion in the year 2020-21.
  • Russia has now become India's seventh-largest trading partner, up from its 25th position last year.
  • Russia's share in India's total trade has increased from 1.27% to 3.54% in 2021-22.
  • Whereas in the year 1997-98, Russia's share in India's total trade was 2.1%.
  • Petroleum oil and other fuel commodities account for 84% of India's total imports from Russia, while fertilizers come second.
  • The share of fertilizers and fuel in total imports from Russia this year was more than 91%.

About Russia:

  • It is the largest country in the world by area.
  • It is the ninth most populous country in the world and the most populous country in Europe.
  • On 25 December 1991, following the dissolution of the Soviet Union, fourteen other post-Soviet states emerged, along with contemporary Russia.
  • Capital – Moscow
  • Currency - Russian Ruble
  • President – Vladimir Putin

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