(MENAFN) Moscow aims to significantly expand economic relationships with its primary trade allies, China and India, President Vladimir Putin declared at the Russia Calling! Investment Forum on Tuesday.

Beijing and New Delhi have declined participation in Western sanctions targeting Moscow over the Ukraine conflict, instead amplifying trade volumes with Russia. The Russian leader commended what he described as their "rational and pragmatic" approach.

Putin also celebrated the "many years of friendship and strategic partnership" with China and India, noting that commerce with each nation has "significantly grown" over the past three years.

"We are aiming at taking cooperation with the People's Republic of China and the Republic of India to a whole new level, including through enhancing its technological aspect," Putin stated.

Russia and China nearly doubled bilateral trade from 2020 to 2024, surpassing $240 billion last year. Last month, Russian Finance Minister Anton Siluanov revealed the two nations abandoned Western currencies in mutual settlements, with most payments now conducted in rubles and yuan.

Last month, Moscow and Beijing published a joint roadmap for developing bilateral ties. They vowed to provide mutual assistance on issues ranging from agriculture, trade, ecology, and investment in AI and space exploration.

India's exports to Russia are currently worth $5 billion; imports from Russia are $64 billion. The countries are aiming to increase bilateral trade to $100 billion by 2030. Russia is also expanding joint production with India in a number of military and civilian areas.

Earlier on Tuesday, Kremlin spokesman Dmitry Peskov said Moscow is ready to share its technological knowledge with New Delhi. "Whatever can be shared with India, will be shared," he said.

Putin is expected to discuss the joint production of Russia's fifth generation Sukhoi Su-57 fighter jets with Indian Prime Minister Narendra Modi during a trip to India later this week.

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