New Delhi– A significant meeting convened on March 21, 2024, at the FORE School of Management, New Delhi, where prominent representatives from the Eurasia Assembly, BRICS Chamber of Commerce & Industries (BRICS CCI), and the Economic Council of India engaged in constructive dialogue on Indo-Russian Economic Cooperation.
In attendance were distinguished figures including Dr. Andrei Belyaninov, Secretary General, Eurasian Peoples Assembly; Dr. Stanislav L. Korolev, Deputy Secretary General, Eurasian Peoples Assembly; Dr. BBL Madhukar, Director General, BRICS CCI; Mr. Ashok Kumar Singh, Vice Chairman, BRICS CCI; Mr. Alok Kumar, Honorary Director, BRICS CCI; and Dr. J. K. Das, Governing Body Member, BRICS CCI.
The discussions commenced with a comprehensive overview of the notable surge in trade turnover between India and Russia. However, a crucial point of discussion was the identified trade imbalance, with Russia predominantly exporting to India rather than importing, prompting the necessity for strategic measures to rectify this disparity.
Various sectors were deliberated upon for potential collaboration, encompassing energy, pharmaceuticals, IT, steel, aerospace, and frontier technologies. Particularly, the emphasis was laid on joint projects in key areas such as information and communication technologies, space exploration, and environmental preservation. Attendees underscored the imperative need to intensify technological exchange and establish common platforms for innovation. There was unanimous agreement on pursuing collaborative research ventures in cutting-edge technologies including IT, robotics, blockchain, and digital design.
Discussions also highlighted the significance of establishing protected ICT environments and implementing novel international payment systems. The exploration of alternative trans-border payment mechanisms for international financial transactions was explored in depth.In order to foster investments from both government and private sectors into joint research endeavors, attendees acknowledged the crucial role of venture capital and late-stage investment funds to bolster Indo-Russian joint ventures.
Concluding the meeting, it was decided to establish a Joint Working Group aimed at setting ambitious yet attainable targets and formulating action plans. Furthermore, plans were outlined to organize targeted events and roundtables focusing on infrastructure, technology transfer, and supply chain management. The importance of prioritizing education, cultural cooperation, and enhancing public diplomacy within the SCO & BRICS framework was emphasized.
Additionally, participants highlighted the importance of youth exchange and fostering collaboration across different dimensions and levels. It was agreed upon to explore research collaborations, joint degree programs, and youth sports initiatives. Moreover, the facilitation of industry-academia collaborations across borders through academia-to-academia linkages was emphasized as a key priority. The discussions epitomized the shared commitment to fortify Indo-Russian economic cooperation. The establishment of a Joint Working Group stands testament to the collective determination to translate these discussions into tangible actions that will drive mutual prosperity.
