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

Utkarsh Classes Last Updated 29-12-2023

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