Union Finance and Corporate Affairs Minister Nirmala Sitharaman on Friday met First Deputy Prime Minister of the Russian Federation Denis Manturov in New Delhi, with the two sides discussing measures to further strengthen and deepen economic cooperation between India and Russia on the sidelines of the 18th BRICS Summit.
The meeting focused on strengthening investment and financial cooperation between the two countries, with both sides agreeing to advance negotiations on a Bilateral Investment Treaty (BIT).
According to the Ministry of Finance, the proposed treaty is aimed at creating a mutually beneficial framework to facilitate greater investment flows and deepen economic engagement between India and Russia.
“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 said in a post on X.
Sitharaman and Manturov also discussed opportunities to further strengthen cooperation in the financial services sector, the Ministry said.
The meeting comes against the backdrop of continued efforts by India and Russia to expand economic engagement, with investment, financial services and trade emerging as important areas of bilateral cooperation.
The discussions also assume significance as Russian President Vladimir Putin arrived in New Delhi earlier on Friday to participate in the 18th BRICS Summit being hosted by India.
Putin was received at the airport by Union Minister of State for External Affairs Kirti Vardhan Singh. His arrival has set the stage for a bilateral meeting with Prime Minister Narendra Modi later on Friday.
Putin is also scheduled to visit the INNOPROM exhibition along with Prime Minister Modi. The exhibition has been organised by the industry and trade ministries of India and Russia and is aimed at showcasing industrial and technological capabilities and strengthening business-to-business cooperation.
India is hosting the 18th BRICS Summit in New Delhi on September 12 and 13 under its 2026 BRICS Chairship. India’s chairship is guided by the theme “Building for Resilience, Innovation, Cooperation and Sustainability”, with development, sustainability and innovation among its key areas of focus.
(ANI)
