India, Russia Plan to Boost Mutual Investments to $50Bln by 2025

© Photo : Photohost-agency / Go to the photo bankMeeting in Ufa
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Increasing bilateral trade is a priority for the development of relations between Russia and India, Foreign Secretary Subrahmanyam Jaishankar said.

NEW DELHI (Sputnik) — India and Russia intend to increase their mutual investments to $30-50 billion by 2025, India’s Foreign Secretary Subrahmanyam Jaishankar said Tuesday.

"Mutual investments are roughly at $11 billion of each other. And we want to take it up to $30-50 billion each by 2025," he said at a briefing.

Jaishankar added that increasing bilateral trade was a priority for the development of relations between Russia and India.

"Our trade with Russia last year was a shade below $10 billion and we hope in the next 10 years to really take it up to $30 billion," he pointed out.

Jaishankar's briefing was held ahead of the December 23-24 visit of Indian Prime Minister Narendra Modi to Russia.

India Completes Study on Free Trade Deal With Eurasian Economic Union

India has completed its study on the potential offered by a free trade agreement (FTA) with the Eurasian Economic Union (EEU) and is involved in discussion with the Russian side on the matter, according to India’s Foreign Secretary.

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"We had discussions with Russia on the Eurasian Economic Zone, the FTA with them. The study for that has been completed on our side and we are in the process of exchanging it with the Russians," he said.

The Eurasian Economic Union is a Russia-initiated integration association, streamlining the flow of goods and services between its member countries, namely Russia, Kyrgyzstan, Armenia, Belarus, and Kazakhstan.

In June, EEU and India began free trade negotiations, signing a framework agreement at the International Economic Forum in St. Petersburg.

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