26th India-Russia IRIGC-TEC Meeting in Moscow
In News
What Happened
Why It Matters
Background
History & Context
What Changed
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BEFORE: The India-EAEU Free Trade Agreement was in preliminary exploratory phases with pending frameworks. NOW: The formal terms of reference for the FTA have been finalised, paving the way for structured trade negotiations.
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BEFORE: India had limited diplomatic representation in Russia outside of Moscow, St. Petersburg, and Vladivostok. NOW: India is officially opening two new consulates in Kazan and Yekaterinburg to expand its diplomatic and commercial presence.
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BEFORE: Bilateral trade targets were frequently adjusted as volumes unexpectedly surged past previous goals due to oil imports. NOW: Both nations have officially established a new, long-term target of achieving USD 100 billion in bilateral trade by 2030.
Prelims Angle
NCERT Connection
Practice Questions
Q1
Correct Statement(s)Which of the following statements regarding India-Russia economic relations are correct? 1. The Eurasian Economic Union (EAEU) comprises Russia, Belarus, Kazakhstan, Armenia, and Kyrgyzstan. 2. During the 26th IRIGC-TEC meeting, India and Russia set a target to achieve a bilateral trade volume of USD 100 billion by 2030.