The two governments have jointly developed an economic strategy that involves using a range of economic components to increase future bilateral trade. These include the development of a free trade agreement between India and the EU, a bilateral treaty on investment promotion and protection, a new economic planning mechanism integrated with IRIGC, the consolidation of customs procedures, and new long-term agreements to expand energy trade, including nuclear, oil and gas trade.   Finally, long-term supplier contracts in key sectors such as oil, gas and rough diamonds. Companies such as Rosneft, Gazprom, Essar and Alrosa will be long-term suppliers.  In 2017, the 70th year since the establishment of diplomatic relations between India and Russia, Prime Minister Modi was invited as a guest of honour at the St. Petersburg International Economic Forum (SPIEF). Although the 2014 Joint Declaration was issued as a vision document for the next ten years, only three years later, the St. Petersburg Declaration of June 2017 was again titled „Vision for the 21st Century.” The 2017 Joint Declaration again mentioned several sectors recognized in 2014 for enhanced cooperation; „Concrete initiatives… He was again absent from the architecture of bilateral institutional dialogue in a more results-oriented and forward-looking manner.” Some agreements were signed at the 2017 annual summit, including on cultural exchanges, the construction of the third phase of the Kudankulam nuclear power plant and the railways; Precious stones; University exchanges Investments.  However, none of them was a big ticket announcement. Both governments have long considered their bilateral trade well below its optimal potential, which can only be corrected in the long term by a free trade agreement (FTA).   The two governments have set up a Joint Task Force (JSG) to negotiate the specifications of an agreement, a final agreement between India and the Eurasian Economic Union, to which Russia belongs (including Kazakhstan, Armenia, Kyrgyzstan and Belarus).  As a result, the indorused free trade agreement would lead to a much broader free trade agreement, which would include India, Russia, Kazakhstan, Armenia, Kyrgyzstan and Belarus.
 Bilateral trade, once a free trade agreement is in place, is expected to significantly increase the importance of the economy in bilateral relations.   The Russian Office of Representation of Rossotrudnichestvo (RRO), founded in 1965, has five Russian science and cultural centres (RCSC) in India, including New Delhi, Mumbai, Calcutta, Chennai and van Tridrum.  THE director of the MMR and director of RCSC, Fyodor Rozovsky, expects the cultural ties between the two countries to develop.  He and other officials also expect that the number of Indian students studying in Russia will increase as soon as the two countries sign an agreement on joint recognition of university degrees.    There is a Hindi department at Moscow University with five indology chairs in Moscow, St. Petersburg, Kazan and Vladivostok. Relations with India have certainly been and will be one of our country`s top foreign policy priorities. Our mutual friendships are filled with sympathy, trust and openness. And we must say openly that they have never been overshadowed by disagreements or conflicts.