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October 16, 2016

India and Russia signed 16 Agreements

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India and Russia have signed 16 agreements across diverse (defence, civil nuclear and economic) sectors following delegation-level talks co-chaired by Prime Minister Narendra Modi and Russian President Vladimir Putin at Benaulim (Goa). Some of the important Agreements signed were,
  • A memorandum of understanding (MoU) for setting up an investment fund of $1 billion.
  • A road map for celebrating 70 years of India-Russia diplomatic ties was also announced.
  • According to a separate agreement, a Russian consortium comprising energy giant Rosneft Oil Company, commodities trader Trafigura and private investment group United Capital Partners agreed to purchase 98 percent of Essar Oil for $10.9 billion.
  • Agreement for the joint study of a gas pipeline to India from Russia.
  • Agreement to set up a joint venture to manufacture helicopters.
  • Agreements for developing smart cities in Andhra Pradesh and Haryana, and for developing transport logistics systems for such cities.
  • An agreement was signed for cooperation in international information security.
  • An MoU was signed between India's ISRO and the Russian state space agency for collaboration in space technology.
  • Another announcement pertained to cooperation between the two countries on international issues.
  • Another MoU was signed for expansion of bilateral trade and economic cooperation between India and Russia.
  • Both sides agreed to extend cooperation in railways development and to increase the speed of trains between Nagpur and Secunderabad.
  • Procurement of the S-400 air defence system and construction of 1135 series of frigates in India.
  • Rosneft also signed an agreement with ONGC Videsh for education and training in the oil and gas sector.
Note : Putin is in Goa to attend the 8th Brics Summit which is being held during Saturday and Sunday.

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