21st INDIA – RUSSIA ANNUAL SUMMIT

About:

• The two leaders expressed satisfaction at the sustained progress in the ‘Special and Privileged Strategic Partnership’ between both countries despite the challenges posed by the Covid pandemic.
  
  
• They welcomed the holding of the first meeting of the 2+2 Dialogue of Foreign and Defence Ministers and the meeting of the Inter-Governmental Commission on Military & Military-Technical Cooperation in New Delhi on 6 December 2021.
  
  
• The role of connectivity through the International North-South Transport Corridor (INSTC) and the proposed Chennai - Vladivostok Eastern Maritime Corridor figured in the discussions.
  
  
• Both sides renewed the military-technical cooperation agreement for another 10 years till 2031 and also signed the deal for the manufacture of AK-203 assault rifles.
  
  
• AK-203 Assault Rifles will tremendously augment the operational capability of our soldiers. Hence, this contract ends the long quest of Indian Army to replace aging INSAS Rifle with a modern weapon. AK-203 Rifle, having an effective range of 300 meters is a light weight and easy to use Modern Assault weapon with proven technology.
  
  
• Both sides concluded 28 agreements and several hydrocarbon projects are on the anvil.
  
  
• they have set a target of trade worth 30 billion dollars and investment worth 50 billion dollars by 2025.