India Russia Agreement 2018

The Russian Rossotrudnichestvo Representation (MMR) founded five Russian Science and Culture Centres (RCSC) in India in 1965, including New Delhi, Mumbai, Calcutta, Chennai and Trivandrum. [98] THE director of the MMR and director of RCSC, Fyodor Rozovsky, expects the cultural ties between the two countries to develop. [98] He and other officials also expect that the number of Indian students studying in Russia will increase as soon as the two countries sign an agreement on joint recognition of university degrees. [99] [100] [101] There is a Hindi department at Moscow University with five indology chairs in Moscow, St. Petersburg, Kazan and Vladivostok. During the 17th annual bilateral summit, the largest outbound agreement of a Russian company was concluded between Rosneft and its partners who bought Essar Oil in India as part of an all-cash agreement. Under the agreement, Rosneft would own 49% of Essar Oil, and the two partners – Dutch-based Trafigura and a Russian fund United Capital Partners – will hold 49% equally. Minority shareholders would hold the remaining 2 per cent as soon as the company withholds from the stock market. Both governments have long considered their bilateral trade well below its optimal potential, which can only be corrected in the long term by a free trade agreement (FTA). [65] [66] The two governments have set up a Joint Task Force (JSG) to negotiate the specifications of an agreement, a final agreement between India and the Eurasian Economic Union, to which Russia belongs (including Kazakhstan, Armenia, Kyrgyzstan and Belarus).

[67] As a result, the indorused free trade agreement would lead to a much broader free trade agreement, which would include India, Russia, Kazakhstan, Armenia, Kyrgyzstan and Belarus. [65] Bilateral trade, once a free trade agreement is in place, is expected to significantly increase the importance of the economy in bilateral relations. [65] [68] [69] Traditionally, the strategic partnership between Indo-Russia consists of five main components: politics, defence, civil nuclear energy, counter-terrorism cooperation and space. [1] These five main elements were highlighted in a speech in Russia by former Indian Foreign Minister Ranyan Mathai. [1] In recent years, however, a sixth economic component has grown in importance, with both countries aiming to reach $30 billion by 2025 in bilateral trade[2][3] of about $9.4 billion in 2017. [4] To achieve this goal, the two countries want to develop a free trade agreement. [5] [6] [7] Bilateral trade between the two countries increased by more than 24% in 2012. [7] 21. Heads of state and government see tremendous potential for cooperation in the area of non-nuclear fuels and energy.

India and Russia welcome the successful interaction between JSC Rosneft Oil Company and the consortium of public oil and gas companies in the implementation of the Vankorneft and Taas-Yuryakh Neftegazodobycha projects, the work of the Nayara Energy Limited oil refinery, cooperation in the extraction of hydrocarbon resources over the past two decades , as well as the timely supply of liquefied natural gas under the agreement between Gazprom and GAIL India. The parties agreed to cooperate in the delivery of coking coal from the Russian Far East to India. CAATSA, which came into force in January 2018, aims to punish Russia for its alleged interference in the 2016 presidential election and imposes economic sanctions on countries that import Russian military equipment. However, under this year`s U.S. Defense Authorization Act (NDAA), the Trump administration has been given the power to pass sanctions on Russian legacy systems that cost less than $15 million in certain circumstances.