India, Russia Strengthen Nuclear Partnership with Kudankulam Agreements

In a significant boost to their long-standing partnership, India and Russia signed several important agreements on Tuesday, December 26, 2023, during the visit of External Affairs Minister S Jaishankar to Russia. The agreements focus on the construction of future power-generating units at the Kudankulam nuclear power plant, as well as cooperation in the areas of medicines, pharmaceutical substances, and medical devices.

Representative image

Progress in Bilateral Economic Cooperation

During his meeting with Deputy Prime Minister Denis Manturov, Jaishankar highlighted the substantial progress achieved in various sectors, including trade, finance, connectivity, energy, civil aviation, and nuclear domains. He emphasized the need to explore new opportunities and make the cooperation between the two countries more balanced and sustainable.

Kudankulam Nuclear Power Plant Expansion

Among the key agreements signed was the construction of future units at the Kudankulam nuclear power plant, which is India's largest nuclear power plant and is being built in Tamil Nadu with Russian technical assistance. The first power unit of the plant has been operating at its full capacity of 1,000 MW since February 2016, and the plant is expected to be fully operational by 2027.

Free Trade Agreement Negotiations

Jaishankar announced that India and the Eurasian Economic Zone (EAEU) have agreed to initiate in-person negotiations on a free trade agreement. The negotiating teams from both sides are expected to meet by the end of January 2024 to begin the discussions.

India's Growing Economic Influence

Reflecting on India's economic growth and global impact, Jaishankar noted the country's rise from the 10th largest economy a decade ago to the 5th largest currently, with aspirations to become the 3rd largest in the future.

Addressing Payment Issues

In response to questions about payment challenges between Russia and India, Jaishankar acknowledged the unusual situation and the efforts to find solutions that facilitate banking transactions between the two countries. He encouraged those with banking relationships and experience doing business with Russia to share information about reliable banks and safe routes.

Bilateral, Multilateral, and International Discussions

Jaishankar is scheduled to meet with his Russian counterpart, Sergey Lavrov, on Wednesday to discuss a wide range of bilateral, multilateral, and international issues. He expressed confidence in the continued strengthening of the relationship between India and Russia.

Contribution of the Indian Community

Jaishankar commended the Indian community in Russia for their role in fostering strong and steady collaboration between the two countries. He urged them to contribute further to deepening mutually beneficial cooperation and promoting close ties between the civil societies of India and Russia.

Resilient India-Russia Partnership

Despite the ongoing conflict in Ukraine, the ties between India and Russia have remained strong. India has maintained its stance of resolving the crisis through diplomacy and dialogue, while also significantly increasing its import of Russian crude oil.

The agreements signed during Jaishankar's visit to Russia underscore the enduring partnership between India and Russia, characterized by the spirit of the Special and Privileged Strategic Partnership. The cooperation in nuclear power, trade, and other areas holds promise for further strengthening the relationship between the two countries.