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Russian chairman Vladimir Putin ready to negotiate with Indian Prime Minister Narendra Modi on the second day of his state visit on Friday at an annual summit aimed at strengthening bilateral ties.
The 23rd Russia-India summit comes at a crucial moment as the United States is pushing for a Ukraine peace deal while seeking global cooperation. They will test New Delhi’s efforts to balance relations with Moscow and Washington amid the nearly four-year-long war in Ukraine.
Modi welcomed Putin at the airport New Delhi On Thursday, who gave the incoming leader a bear hug and a tight handshake with the enthusiasm of an old friend.
According to Indian officials involved in preparations for the summit, the agenda includes talks on defence, energy and labor mobility.
While India has historically maintained deep ties with Russia, critics say Putin’s visit could strain relations with the European Union and the United States and jeopardize negotiations for major trade agreements with both, which are considered vital to India’s exports.
US President Donald Trump raised tariffs on Indian goods to 50% in August, citing Russian oil subsidized by New Delhi. India has been the second largest importer of Russian crude oil after China.
The US says purchases of Russian oil help finance Moscow’s war machine. In October, the US imposed sanctions on Moscow’s two biggest oil producers to force countries like India to cut imports. Indian officials have said that New Delhi has always followed international sanctions and will do so in case of oil purchases from Russia.
India and the US have targeted the first tranche of a trade deal by autumn, but the agreement has not yet been reached amid tensions in relations.
India is in the final stages of negotiating a trade deal with the European Union, which sees Russia’s war in Ukraine as a major threat.
In his meeting with Putin, Modi is likely to push for the rapid supply of two more Russian S-400 surface-to-air missile systems. It has already received three worth about $5.4 billion under a 2018 deal. The delays are linked to supply chain disruptions linked to the war in Ukraine.
The two sides signed an agreement in February to improve military cooperation, exercises, port calls, disaster relief assistance and logistics support. This was confirmed by the State Duma of Moscow before Putin’s visit to India.
Talks are also expected to take place on upgrading India’s Russian-made Su-30MKI fighter aircraft and accelerating the delivery of critical military hardware.
Trade is also expected to be a major issue in the talks.
Bilateral trade between the two countries stood at $68.7 billion in the last fiscal year ending March, while the aim is to increase it to $100 billion by 2030. This trade is in favor of Russia and is a huge deficit for India, which it wants to bridge by increasing exports.
India is keen to increase exports of pharmaceuticals, agriculture and textiles to Russia and is seeking removal of non-tariff barriers. New Delhi is also seeking long-term supply of fertilizers from Moscow.
Another key area where an agreement is expected to be finalized between the two countries is the protection and regulation of migration of Indian skilled workers to Russia.
Putin last visited India in 2021. Modi was in Moscow last year, and the two leaders had met briefly in China on the sidelines of the Shanghai Cooperation Organization summit in September.
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Hussain reported from Srinagar, India.