Modi, Putin discuss $100 bn trade target, defence ties at Brics Summit

At their meeting on Friday, Prime Minister Narendra Modi and Russian President Vladimir Putin spoke of making efforts to achieve the ambitious bilateral trade target of $100 billion by 2030 from the current $65 billion. They renewed their commitment to closer New Delhi-Moscow ties as the Russian President invited Modi for the India-Russia annual summit, which could take place around the end of the year. The two also reviewed bilateral defence cooperation.

In a social media post, Modi said he and the Russian leader discussed closer trade ties, including implementing the 'Programme for Economic Cooperation 2030', and engagement in areas like infrastructure, energy, technology, defence and culture.

After their meeting on Friday afternoon, which lasted about 45 minutes, the two leaders travelled in the same vehicle to attend the Brics Business Forum inside the national capital’s Bharat Mandapam complex. At the beginning of the meeting, the two leaders hugged each other, as has become customary for the two during their meetings. It was Modi and Putin’s second meeting in a fortnight.

They last met on August 31, on the margins of the Shanghai Cooperation Organisation in Bishkek, Kyrgyzstan, and could meet again in Russia at the end of the year. India’s Ministry of External Affairs said the two leaders agreed to remain in contact to strengthen the ‘special and privileged strategic partnership’ between the two countries, “which continues to register significant growth and has shown resilience in the backdrop of geopolitical uncertainties.”

Putin landed in New Delhi early Friday morning for a three-day visit to attend the Brics Summit. It is the first occasion since 2022, after the outbreak of Russia’s conflict with Ukraine, that Putin has travelled outside Russia to attend a Brics Summit. The 2022 Summit took place virtually, while Putin skipped the 2023 and 2025 Summits, which took place in Johannesburg (South Africa) and Rio de Janeiro (Brazil), respectively. Russia hosted the 2024 Summit in Kazan.

The MEA and the Russian Embassy in New Delhi said the two leaders reviewed progress in bilateral cooperation across political, economic, defence, energy, space, skill mobility and people-to-people domains. In the context of trade, India has flagged the growing trade imbalance and sought greater market access for Indian exporters in Russia, with Moscow promising to facilitate this by lowering trade barriers.

India’s imports of Russian energy and fertilisers have increased sharply in recent months after the outbreak of the West Asia conflict. India and Russia’s defence cooperation has remained steady. On Tuesday, Kremlin spokesperson Dmitry Peskov said that both sides are exploring BrahMos missile upgrades, adding that Moscow remains committed to fulfilling its remaining S-400 system deliveries and discussing the proposed supply of Su-57 fighter jets.

Prime Minister Modi also flagged the safety of Indian seafarers in the Black Sea and reiterated India's readiness to support any peace initiative to end the Ukraine conflict. During their Bishkek meeting, Modi urged Putin to shift from an “endless war towards the end of war”.

The two visited Russia's International Industrial Exhibition ‘Innoprom India’, being held for the first time in India from September 9-11, and underscored its importance in further expanding trade and industrial ties.

Expanding industrial cooperation, collaboration in the rail and tunnelling sectors, developing the steel value chain, and broadening access to the Russian market for Indian exporters were also issues that figured in the talks.

The two sides have also been keen to take forward talks on the trade deal between the Eurasian Economic Union (EAEU) and India, and a meeting was held on the margins of ‘Innoprom India’ on Thursday.