(MENAFN- Live Mint) President of the Russian Federation, Vladimir Putin, paid a state visit to India on December 4-5, for the 23rd India-Russia Annual Summit at the invitation of Prime Minister Narendra Modi

The two leaders reaffirmed their support for further strengthening of the Special and Privileged Strategic Partnership between India and Russia during the bilateral meetings, the government said in a press communique.

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This year marks the 25th anniversary of the Declaration on Strategic Partnership between India and Russia, established during the first State Visit of Putin to India in October 2000.

The Leaders emphasised the special nature of this long-standing and time-tested relationship, which is characterised by mutual trust, respect for each other's core national interests and strategic convergence, according to a joint statement issued after the 23rd India-Russia Annual Summit at Hyderabad House.

Here are the top 10 points from the joint statement:

1- The Leaders positively assessed the multi-faceted mutually beneficial India-Russia relations that span all areas of cooperation, including political and strategic, military and security, trade and investment, energy, science and technology, nuclear, space, cultural, education and humanitarian cooperation. The Leaders agreed to make all efforts to unlock the full potential of the strategic partnership.

Trade and Economic Partnership

2- The Leaders reaffirmed their shared ambition to expand bilateral trade in a balanced and sustainable manner, including by increasing India's exports to Russia, strengthening industrial cooperation, forging new technological and investment partnerships, especially in advanced high-technology areas and finding new avenues and forms of cooperation.

The Leaders welcomed the adoption of the Programme for the Development of Strategic Areas of India - Russia Economic Cooperatio till 2030 (Programme 2030).

The Leaders appreciated the ongoing intensification of the joint work on a Free Trade Agreement on goods between India and the Eurasian Economic Union, covering sectors of mutual interest. They also directed both Sides to intensify efforts in negotiations on a mutually beneficial agreement on the promotion and protection of investments.

3- Both Sides emphasised that addressing tariff and non-tariff trade barriers, removing bottlenecks in logistics, promoting connectivity, ensuring smooth payment mechanisms, finding mutually acceptable solutions for issues of insurance and reinsurance and regular interaction between the businesses of the two countries are among the key elements for timely achievement of the revised bilateral trade target of USD 100 billion by 2030.

The sides welcomed the signing of agreements related to mobility of skilled workers.

4- The Leaders noted the importance of productive and mutually beneficial bilateral trade in mineral resources, including energy sources, precious stones and metals, as well as critical raw materials for the reliability of the international supply chains. Efficient cooperation in this area, carried out by Russia and India as sovereign states, is a significant component of their national security and social well-being.

Energy partnership

5- The two sides discussed and commended their wide-ranging cooperation in the energy sector as a significant pillar of the Special and Privileged Strategic Partnership. They also noted the importance of expeditious resolution of issues related to investment projects in this area, and agreed to resolve the various concerns being faced by their investors in the energy sector.

Transport and Connectivity

6- The two Sides agreed to deepen cooperation in building stable and efficient transport corridors, with a focus on expanding logistics links to improve connectivity and enhance infrastructure capacity, supporting the International North-South Transport Corridor (INSTC), the Chennai–Vladivostok (Eastern Maritime) Corridor, and the Northern Sea Route. They welcomed the signing of the MoU on the Training of Specialists for Ships Operating in Polar Waters.

Civil Nuclear Cooperation, Cooperation in Space

7- The two sides confirmed their intention to broaden cooperation in nuclear energy, including fuel cycle, life cycle support for operating Kudankulam Nuclear Power Plant (KKNPP) and non-power applications, as well as to elaborate new agenda of interaction in the field of peaceful use of atomic energy and related high technologies.

Military and Military Technical Cooperation

8- Military and Military-Technical Cooperation has traditionally been a pillar of the Special and Privileged Strategic Partnership between India and Russia, which has grown from strength to strength through several decades of joint efforts and fruitful cooperation, steered by the IRIGC-M&MTC.

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Both Sides agreed to encourage joint manufacturing in India of spare parts, components, aggregates and other products for maintenance of Russian origin arms and defence equipment under the Make-in-India program through the transfer of technology and setting up of joint ventures for meeting the needs of the Indian Armed Forces as well as subsequent export to mutually friendly third countries.

Cultural cooperation, Tourism and people to people exchanges

9- The two Sides appreciated the steady increase in tourist exchanges between Russia and India and welcomed the simplification of visa formalities, including the introduction of e-Visa by both countries. They agreed to continue the work on further simplification of the visa regime in future.

Counter Terrorism

The Leaders positively assessed the multi-faceted mutually beneficial India-Russia relations that span all areas of cooperation.

10- Both Sides reaffirmed their commitment to strengthening bilateral and multilateral cooperation in the field of combating such common challenges and threats such as terrorism, extremism transnational organised crime, money laundering, terrorist financing and illicit drug trafficking.

(With agency inputs)

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