Russian President Vladimir Putin and Indian Prime Minister Narendra Modi held bilateral talks in Kazan on Tuesday on the sidelines of the ongoing BRICS Summit. Putin stated that Moscow “deeply appreciates” Indian-Russian cooperation within the group, “since both our countries are founding members of the association.”

The leaders discussed their strategic partnership, which the Russian president said continues to expand. “We’re seeing a strengthening of cooperation between our legislatures; our foreign ministers are in constant contact, and bilateral trade is showing good dynamics,” Putin told Modi.

Bilateral trade between the two nations has almost tripled over the past two years to around $65 billion, as India has ramped up its energy, fertilizer, and coal imports from Russia. In July, the two leaders also set a goal of reaching $100 billion in bilateral trade by 2030. However, both sides have acknowledged that reducing the trade imbalance is vital to sustaining this positive momentum. Indian exports to Russia accounted for less than $5 billion over the previous fiscal year.

Ahead of his visit, Modi said the trip to Kazan would serve to “reinforce the special and privileged strategic partnership” between the two countries. He also hailed the expansion of BRICS, stating that the incorporation of new members last year “added to its inclusivity and agenda for the global good.”

RT