New Delhi and Moscow have discussed the setting up of a BRICS grain exchange to boost agricultural trade

India and Russia are looking to strengthen their "win-win" cooperation in agriculture and related industries, Prime Minister Narendra Modi has said.

Modi held talks with Russian Deputy Prime Minister Dmitry Patrushev in New Delhi on Thursday on the sidelines of World Food India 2025, an event aimed at attracting investment and showcasing the South Asian nation's food processing sector.

"We discussed ways to strengthen our win-win cooperation in agriculture, fertilizers, and food processing," Modi said in a post on X.

In a statement on the talks, the Russian Embassy in New Delhi noted that "the topic of creating a BRICS Grain Exchange was raised - a move that will help boost mutual agricultural trade."

"Russia highly values its special and privileged partnership with India," Patrushev said. "India is one of Russia's key allies in the international arena. Every year, Russian-Indian economic cooperation reaches increasingly impressive levels. In 2024, the trade turnover between our two countries reached a historic high."

Bilateral trade between India and Russia stood at $68.7 billion in the 2024-25 fiscal year, according to Indian government data.

Agriculture is seen as a key area for India-Russia cooperation as Indian food exports to the US come under severe strain due to the 50% tariffs imposed by President Donald Trump in August.

Key agricultural exports from India to Russia include fish, shrimp, rice, tobacco, and tea, according to the Indian Embassy in Moscow.

Russia is also looking to increase agricultural exports to India, Ilya Ilyushin, head of the Agroexport federal center, told TASS on Thursday.

"In addition to traditional export items such as pulse crops and fat-and-oil products, we believe there is great potential in chocolate and confectionery, baby food, pasta, meat (poultry, pork, lamb) and dairy, mineral water and fruit juice, alcoholic beverages, pet food, and a number of other categories," he added.

New Delhi is dependent on Moscow for fertilizers, and Russia has been India's largest supplier since 2022. In the first seven months of 2025, India imported $1.3 billion worth of Russian fertilizers, according to Indian Commerce Ministry data.

(RT.com)