New Delhi: Monday is very important in terms of relations between India and Russia. A bilateral meeting is going to be held between Prime Minister Narendra Modi and Russian President Vladimir Putin in Bishkek, the capital of Kyrgyzstan. This meeting will take place during the Shanghai Cooperation Organization (SCO) summit. It is believed that the talks may include many big issues like energy, fertiliser, defence, trade and payment system.
There will be discussion on supply of energy and fertilizer
Crude oil and fertilizers from Russia are very important for India. Amidst the tension in West Asia and doubts about supplies across the world, India wants the supply of these essential commodities from Russia to continue without interruption.
Long-term oil and fertilizer agreements may be discussed in the talks between Modi and Putin. Along with this, it is also possible to consider measures to simplify the payment system and reduce the growing trade imbalance between the two countries.
S-400 and defense cooperation also on the agenda
The defense sector has been a strong pillar of India-Russia relations. In such a situation, issues related to S-400 air defense system may also be raised in the meeting. Both sides can negotiate regarding its remaining delivery, availability of additional missiles and maintenance of the system.
Along with increasing the facilities for repair and spare parts of defense equipment in India, possibilities of local production and co-manufacturing are also expected to be discussed.
Keep an eye on UPI and secure payment system
Amidst the sanctions imposed by Western countries on Russia, a secure payment system has become very important for India and Russia. Both countries can emphasize on strengthening trade in local currencies and other digital payment options. In this context, the possibilities of Indian digital payment system like UPI can also come up for discussion.
Target of 100 billion dollars by 2030
India and Russia have set a target of taking bilateral trade to 100 billion dollars by 2030. India wants Russia to open more opportunities for Indian pharma, IT, agriculture and consumer products in its market. Apart from this, increasing cooperation in nuclear energy, high-tech technology and fertilizer sector is also among the priorities of both the countries.