India, Russia agree to advance bilateral investment treaty negotiations

As per the latest business developments, India and Russia have agreed to advance negotiations on a bilateral investment treaty (BIT), with the two sides seeking to establish a framework for enhancing investment flows and economic engagement, the finance ministry stated on September 11.

Earlier in  the day, finance minister Nirmala Sitharaman met Denis Manturov, first deputy prime minister of the Russian Federation who is part of a delegation led by President Vladimir Putin, in New Delhi.

“Both sides held discussions on ways to further strengthen and deepen economic cooperation between the two countries,” the ministry stated in a post on the X platform.

The BIT is aimed at providing a framework governing investment-related engagement between two countries.

“It was agreed to advance negotiations on a Bilateral Investment Treaty (BIT), with a view to establishing a mutually beneficial framework for enhancing investment flows and economic engagement,” the ministry stated.

Financial services cooperation

Sitharaman and Manturov additionally discussed opportunities to strengthen cooperation in the financial services sector.

The meeting focused on strengthening and deepening economic cooperation between India and Russia, with the BIT negotiations and financial services sector forming part of the discussions.

Putin, who arrived in New Delhi on September 11 for the 18th BRICS Summit, will additionally hold bilateral talks with Prime Minister Narendra Modi later in the day.

Russian presidential spokesperson Dmitry Peskov stated the leaders would discuss the bilateral agenda, including trade and economic cooperation. “They will touch on the bilateral agenda. Trade and economic cooperation is a very wide scope,” Peskov stated during a virtual briefing from Moscow.

The visit comes as India and Russia seek to deepen their longstanding strategic partnership amid wider geopolitical tensions.

The 18th BRICS Summit will be held in New  Delhi on September 12 and 13.