Russia and India have made significant progress in discussions on plans to collaboratively manufacture military equipment, according to Russian Foreign Minister Sergei Lavrov. Lavrov stated that this cooperation is of strategic importance and is in the best interest of both countries to ensure security on the Eurasian continent.
Lavrov also mentioned that Russia respects India’s aim to diversify its sources of military hardware and is prepared to support India’s domestic manufacturing capabilities. He also noted that Russian President Vladimir Putin is scheduled to meet with Indian Foreign Minister Jaishankar, and Jaishankar expects a meeting between Putin and Indian Prime Minister Narendra Modi next year.
The two officials also discussed the conflicts in Ukraine and Gaza, as well as bilateral trade and investment. India has become a key economic partner for Russia, particularly since the West imposed sanctions on Moscow in 2022 due to the war in Ukraine.
Russia has increased its oil exports to India and has enhanced diplomatic efforts within the BRICS group, of which both countries are founding members. According to Jaishankar, Indian-Russian trade is expected to exceed $50 billion this year. India is also interested in signing a bilateral investment treaty with Russia and a free trade agreement with the Moscow-led Eurasian Economic Union.