'We hope to complete free trade agreement between Eurasia, India in 2020', says Russia envoy

WION Web Team New Delhi, Delhi, India Dec 23, 2019, 05.06 PM(IST)

File photo: Prime Minister Narendra Modi with Russian President Vladimir Putin. Photograph:( AFP )

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'India, Russia are starting a new level of energy security partnership with lucrative opportunity for Indian companies in the Russian arctic. Hoping for early conclusion of Eurasian-India next year,' Kudashev said.

Russia is hoping to complete free trade agreement between the Eurasian region and India in the year 2020, Russian Ambassador to India said on Monday.

Envoy Nikolai Kudashev also said that the leaders of both countries, Prime Minister Narendra Modi and Russian President Vladimir Putin, are also expected to meet several times during the year.

"We are hopeful of completing the free trade agreement between the Eurasian region and India in the year 2020. We will also make progress in defence cooperation with greater possibilities of joint cooperation and localisation."

"India and Russia are starting a new level of energy security partnership with lucrative opportunity for Indian companies in the Russian arctic. Hoping for early conclusion of Eurasian-India next year," Kudashev also said.

Russia and India have been taking steps to improve their bilateral relations. 

In September this year, PM Modi met President Putin in Russia's far eastern city of Vladivostok during the 20th India Russia annual summit.

During that summit, key announcements were made on energy and a proposal has been made to have a full-fledged maritime route that serves as a link between Chennai and Vladivostok.

Describing Russia as a friend and a nation that has supported India, the Prime Minister had said that Russia has personally given importance to bolstering its strategic partnership with India.

Both sides agreed on a five-year road map in the energy sector with focus on Indian investment in Russian oil fields and transportation of energy to India and Russian investment in the downstream energy sector in India. 

In November as well, both leaders had held bilateral talks on the sidelines of the BRICS summit.

(With inputs from agencies)