The bilateral trade touched a record $11 billion in 2012 and agreed that investment collaboration was an important component of economic cooperation.Russia and India also agreed to create a Joint Study Group for studying the possibility of signing a Comprehensive Economic Cooperation Agreement between India and the Customs Union of Belarus, Kazakhstan and Russia.
Russia and India agreed to explore the possibilities of direct transportation of hydrocarbons from Russia to India through the land route and agreed to set up a Joint Study Group in this regard. The overseas arm of India’s oil and gas bellwether ONGC Videsh Ltd was keen on participating along with Russian companies in exploration for hydrocarbons in the Arctic region, according to the statement.
The sides signed a Memorandum of Understanding on Energy Efficiency between FSBO Russian Energy Agency of the Ministry of Energy of Russia and the Bureau of Energy Efficiency of India.
Close military and technical cooperation between the two countries was a crucial element of the strategic partnership and reflected the high level of trust between the two states
In a bid to allay Russian fears about India diversifying its defence purchase, Manmohan Singh said, “while Russia will remain an indispensable partner for our defence needs, our future defence partnership must be increasingly based on technology transfer, joint ventures and co-development and co-production.” “India was and remains our leading partner in the military and technical domain,” Vladimir Putin said at the joint press conference
Russia and India welcomed the creation of new institutional mechanisms by the Russian Ministry of Education and Science and the Indian Ministry of Science and Technology. “These mechanisms would support Indo-Russian R&D projects with potential for technology development and generation of new intellectual property. These projects would be in conformity with national priorities of both countries, as identified under 12th Five Year plan of India and the Federal Targeted Programme "Research and Development in Priority Fields of Science and Technology Complex of Russia in 2014-2020
Russia and India said they “re-affirmed their desire to build a more stable, secure and fair system of international relations based on equal partnerships between states, the rule of international law and respect for the purposes and principles of the UN Charter.” The two countries said a diplomatic solution was needed for the Iranian nuclear program issue. They also also expressed mutual concerns on global terrorism and the potential volatility in Afghanistan post the withdrawal of the NATO forces
As expected the countries failed to reach an agreement on Kudankulam Nuclear Power Project’s 3rd and 4th units. Russia and India “agreed to expeditiously finalise the General Framework Agreement and the Techno-Commercial Offer for Units- 3 & 4 of the Kudankulam Nuclear Power Plant,” they said in a joint statement issued at the end of the talks
Prime Minister Manmohan Singh with Russian Deputy Foreign Minister Mikhail Bogdanov inspect a guard of honour at Vnukovo-2 Airport in Moscow on Tuesday Oct 22,2013 before his departure to Beijing,China
Prime Minister Manmohan Singh and Russian President Vladimir Putin at a meeting in Moscow
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