Brics 2026: Modi, Putin discuss $100 bn trade target by 2030, defence ties

Modi and Putin reviewed bilateral trade and defence cooperation, with both sides seeking to expand economic ties and achieve $100 billion in bilateral trade by 2030

During their meeting on Friday, Prime Minister Narendra Modi and Russian President Vladimir Putin spoke of making efforts to achieve a bilateral-trade target of $100 billion by 2030 from $65 billion now.

 

They renewed their commitment to closer New Delhi-Moscow ties.

 

Putin invited Modi for an India-Russia annual summit, which could take place around the end of the year.

 

The two also reviewed bilateral defence cooperation.

 

In a social-media post, Modi said he and Putin discussed closer trade ties, including implementing the “Programme for Economic Cooperation 2030”, and engagement in areas like infrastructure, energy, technology, defence and culture.

 

After their meeting, which lasted about 45 minutes, the two leaders travelled in the same vehicle to attend the Brics Business Forum at the Bharat Mandapam complex.

 

 

It was their second meeting in a fortnight. They had met on August 31 on the margins of the Shanghai Cooperation Organisation in Bishkek, Kyrgyzstan.

 

The Ministry of External Affairs (MEA) said the two leaders agreed to remain in contact to strengthen the “special and privileged strategic partnership” between the two countries, “which continues to register significant growth and has shown resilience in the backdrop of geopolitical uncertainties”.

 

Putin reached New Delhi early Friday morning for a three-day visit to attend the Brics Summit.

 

This is the first time since 2022, when Russia’s conflict with Ukraine began, that Putin has travelled outside Russia to attend a Brics summit. The 2022 summit took place virtually while Putin skipped the 2023 and 2025 summits, which happened in Johannesburg (South Africa) and Rio de Janeiro (Brazil), respectively.

 

Russia hosted the 2024 summit in Kazan.

 

The MEA and the Russian Embassy in New Delhi said the two leaders reviewed progress in bilateral cooperation across the political, economic, defence, energy, space, skill mobility and people-to-people domains.

 

India has flagged the growing imbalance of trade, and sought greater market access for Indian exports in Russia, with Moscow promising to facilitate by lowering trade barriers.

 

India’s imports of Russian energy and fertilisers in recent months increased sharply after the outbreak of the West Asia conflict. Their defence cooperation has remained steady.

 

On Tuesday, Kremlin Spokesperson Dmitry Peskov said that both sides were exploring upgrades in BrahMos missiles, adding that Moscow remained committed to fulfilling its remaining S-400 system deliveries and discussing the proposed supply of Su-57 fighter jets.

 

Modi also flagged the safety of Indian seafarers in the Black Sea, and reiterated India’s readiness to support any peace initiative to end the Ukraine conflict.

 

During their Bishkek meeting, Modi urged Putin to shift from an “endless war towards the end of war”.

 

The two visited Russia’s International Industrial Exhibition “Innoprom India”, being held from September 9-11 and for the first time in this country, and underscored its importance in further expanding trade and industrial ties.

 

Expanding industrial cooperation, collaboration in rail and tunnelling, developing the steel value chain, and broadening access to the Russian market for Indian exporters were also issues that figured in the talks.

 

The two sides have also been keen to take forward talks on a trade deal between the Eurasian Economic Union (EAEU) and India, and a meeting was held on the margins of “Innoprom India” on Thursday.