Prime Minister Narendra Modi is scheduled to undertake a crucial two-nation tour, visiting the Russian Federation and the Republic of Austria from July 8-10, 2024. This diplomatic venture underscores India’s strategic objectives in enhancing bilateral ties and exploring new avenues of cooperation.
Visit to Russia: A Renewed Partnership
Modi’s visit to Moscow on July 8-9, at the invitation of President Vladimir Putin, marks his first trip since Russia’s military actions in Ukraine. This visit aims to strengthen the longstanding India-Russia relationship amidst recent fluctuations. The 22nd India-Russia Annual Summit will be a focal point, covering discussions on regional and global security, trade, and economic cooperation.
The Ministry of External Affairs emphasized that the summit will encompass “the entire range of multifaceted relations between the two countries,” addressing “contemporary regional and global issues of mutual interest.” This visit seeks to dispel speculations about any drift in Indo-Russian relations and reaffirm India’s commitment to a balanced diplomatic approach. Russia views the visit as an opportunity to showcase ongoing diplomatic engagement amid Western pressures.
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Key Discussions and Agreements
Enhancing trade and economic ties is a pivotal agenda item. India has increased imports of Russian oil, capitalizing on price advantages not pursued by Western nations. During this visit, negotiations are expected to secure a higher discount on Russian oil, potentially exceeding the current US$3 to US$3.5 per barrel. Additionally, India seeks formal approval for ONGC to maintain its 20 percent stake in the Sakhalin 1 oil project in Russia’s Far East.
Beyond energy, India aims to boost exports of pharmaceuticals, machinery, and other goods to Russia. Bilateral trade surged by 33 percent to US$65.7 billion in the last fiscal year, reflecting robust economic engagement.
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Strategic and Security Concerns
Security issues will prominently feature, with discussions expected to cover regional and global security challenges. Kremlin spokesperson Dmitry Peskov highlighted that “regional security and global security issues always figure high on the agenda” of such summits. Given the rapport between Modi and Putin, frank exchanges on pressing issues are anticipated. This summit marks a significant event after a three-year hiatus since the last India-Russia Annual Summit in December 2021 in New Delhi.
Visit to Austria: Strengthening European Ties
Following his Russia visit, PM Modi will travel to Austria on July 10, marking the first visit by an Indian prime minister in 41 years. This visit underscores India’s commitment to enhancing ties with European nations.
Modi will meet President Alexander Van der Bellen and hold discussions with Chancellor Karl Nehammer, focusing on bilateral cooperation and engaging business leaders from both countries. The visit aims to bolster economic ties and explore new collaboration opportunities across various sectors.
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Engaging the Indian Diaspora
In both Moscow and Vienna, Modi plans to engage with the Indian community, reinforcing cultural and social bonds. These interactions are pivotal for maintaining strong people-to-people connections and leveraging the diaspora’s role in fostering international relations.
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A Diplomatic Balancing Act
Prime Minister Modi’s upcoming tour exemplifies India’s strategic balancing in foreign policy. Despite Western attempts to isolate Russia, India continues engaging Moscow, asserting its independent stance in global geopolitics. This tour aims to strengthen diplomatic ties with both Russia and Austria, underscoring India’s role as a significant global player.
The visit is timely amid evolving geopolitics, showcasing India’s proactive foreign policy approach in fostering bilateral relations and promoting global cooperation.
With inputs from agencies
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