India and Russia to hold the 1st Bilateral Regional Forum

India and Russia will hold the first Bilateral Regional Forum at the level of Russian Provinces and the Indian States in 2020. The aim is to dismantle the barriers of trade at the regional level. It was decided at a meeting between PM Narendra Modi and President Vladimir Putin in Brasilia on the sidelines of BRICS Summit.

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The two leaders noted with satisfaction that the USD 25 billion target of bilateral trade by 2025 has already been achieved. The two leaders noted the stability and progress made in imports of oil and natural gas. President Putin highlighted the potential of Arctic region in natural gas and invited India to invest in the region. The two leaders also reviewed the progress made in the field of Infrastructure particularly railways in context of raising the speed of the Nagpur-Secunderabad sector railway line. The leaders also noted with satisfaction the cooperation in Defence sector and in the field of Civil Nuclear Energy. They welcomed the prospects of cooperation in civil nuclear energy in third countries.