Modi-Putin deliver de-dollarisation blow to United States with ambitious trade target

India and Russia agreed “to continue working together to promote a bilateral settlement system using national currencies” as President Vladimir Putin hosted Indian Prime Minister Narendra Modi for the 22nd India-Russia summit. The development means a continued insistence by the nations of the Global South to ensure trade operability in their own currencies in a setback to the belligerent dominance of the US dollar in global trade. 

“Aiming to further accelerate and sustain the growth in bilateral trade, the Leaders agreed to set the bilateral trade target of $100 billion by 2030,” said the 12th of the 81-point joint statement following the conclusion of the 22nd India-Russia annual summit.

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To further expand the business ties, Modi and Putin launched the first-ever India-Russia Investment Forum. The two sides also agreed to “facilitate participation of Russian businesses in ‘Make in India’ and ‘Atmanirbhar Bharat‘ (self-reliant India) programmes and that of Indian companies in investment projects in Russia,” the joint statement stated. 

The two sides said that they will continue joint efforts to intensify the use of the International North-South Transport Corridor route in order to reduce the time and cost of cargo transportation and to promote connectivity in the Eurasian space.

“Cooperation in the field of transport and logistics will be based on the principles of transparency, broad participation, local priorities, financial sustainability and respect for sovereignty and territorial integrity of all nations,” the official readout said. 

The two sides expressed readiness to actively work to expand logistics links with an emphasis on increasing the capacity of infrastructure, including for implementation of the Chennai-Vladivostok Eastern Maritime Corridor and the International North-South Transport Corridor, as well as using the potential of the Northern Sea Route.

Eastern Maritime Corridor | WION

Earlier in the day, the Indian PM was presented with the ‘Order of St Andrew the Apostle’ by the Russian president. PM Modi received the award for “his distinguished contribution to the development of a privileged strategic partnership between Russia and India and friendly ties between the two countries”.

PM Modi told President Putin that war is not a solution. Modi also highlighted how it gave him “immense pain” when innocent children were murdered.

“I am happy that we could discuss about the war in Ukraine with an open mind, and we listened to each other’s thoughts on the war with great respect,” PM Modi said during bilateral talks with President Putin.