Russia, India Pledge to Continue Trade, Economic Cooperation With Iran
04.09.2019 17:31

Russia and India will continue their trade and economic cooperation with Iran, which they qualify as mutually beneficial and legitimate, according to a joint statement adopted Wednesday after the Russian-Indian summit.

"The sides acknowledge the importance of full and efficient implementation of the Joint Comprehensive Plan of Action on the Iranian nuclear program for ensuring regional and international peace, security and stability. They confirm full commitment to Resolution 2231 of the UN Security Council", the statement read.

Russia and India maintain that the crisis must be resolved peacefully; thus, both countries have expressed determination to continue legitimate trade and economic cooperation with Tehran.

Moscow and New Delhi also signed several agreements, including a strategy for boosting cooperation on trade, economy and investment.

According to the joint declaration, Russia and India would continue promoting trade in national currencies.

"Work will continue to promote a system of mutual transactions in national currencies", they said.

In addition, a programme on the expansion of cooperation in the gas and oil industry was signed between the Russian Energy Ministry and the Indian Ministry of Petroleum and Natural Gas. The sides also signed a memorandum of understanding on the use of the gas fuel.

The summit was held in Russia's Vladivostok, which is now hosting the Eastern Economic Forum. Rossiya Segodnya International Information Agency is an official media partner of the event.

Joint Projects for Moscow and New Delhi

During the meeting, President Putin and Prime Minister Modi have agreed to study the possibility of setting up joint ventures in India to design and build passenger aircraft.

"Aviation and space are among the most promising cooperation avenues. The sides have agreed to study the possibility of setting up joint ventures in India that would design and build passenger aircraft", the statement read.

In addition, the statement pointed out that close cooperation on defence technologies and the military issues was part of the basis for "an especially privileged strategic partnership".

In the meantime, India has also ordered $14.5 billion worth of Russian weapons and military equipment during the last year, according to head of the Russian Federal Service of Military-Technical Cooperation, Dmitry Shugayev.

"The last year and this day are marked with a huge order portfolio of $14.5 billion. This is a truly significant figure, this is really a breakthrough", he told reporters.

New Oil Shipments

The statement also established that Russia and India would the possibility of shipping oil via the Northern Sea Route and pipeline.

"The sides intend to develop cooperation in the field of geological prospecting and joint development of oil and gas fields in Russia and India, including shelf projects, to continue perfecting the delivery of energy resources from Russia to India, including based on a long-term agreement to import Russian crude, possibly using the Northern Sea Route and a pipeline system," the statement read.

The statement stressed that energy was the key field of Russian-Indian cooperation.

"One of the fundamental components of the strategic partnership in this sector is the cooperation on peaceful nuclear energy. Building of the remaining four out of six energy units of the Kudankulam Nuclear Power Plant is progressing successfully", the statement said.

Russian ambassador to India Nikolay Kudashev previously said that revival of Chennai-Vladivostok maritime corridor would cut in half the time required for goods transportation, which could facilitate Indian investment in the Far East of Russia by Indian energy companies such as ONGC Videsh.