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Union Finance and Corporate Affairs Minister Nirmala Sitharaman on Friday met First Deputy Prime Minister of the Russian Federation Denis Manturov in New Delhi. Both sides discussed ways to further strengthen and deepen economic cooperation between India and Russia on the sidelines of the BRICS summit.

Focus on Bilateral Investment Treaty

In a post on X, the Ministry of Finance said that both sides discussed measures to enhance economic cooperation between the 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 said.

The two sides also deliberated on opportunities to further strengthen cooperation in the financial services sector, according to the Ministry.

The meeting comes as India and Russia continue to deepen their economic engagement, with investment and financial cooperation forming an important part of bilateral economic ties.

Putin's Arrival for BRICS Summit

Earlier, Russian President Vladimir Putin arrived in New Delhi ahead of the 18th BRICS Summit. Upon his arrival, Putin was welcomed by Union Minister of State (MoS) for External Affairs Kirti Vardhan Singh.

President Putin’s arrival sets the stage for crucial bilateral talks with Indian Prime Minister Narendra Modi on Friday. The discussions are expected to focus on strategic trade resilience, cross-border payment mechanisms, energy security, and conflict-resolution pathways regarding ongoing geopolitical tensions in Eastern Europe and West Asia.

On Friday, Putin is scheduled to hold a bilateral meeting with PM Modi and, along with the Indian leader, visit the INNOPROM exhibition, which has been organised by the industry and trade ministries of Russia and India.

India's 2026 BRICS Chairship

India is hosting the 18th BRICS Summit in New Delhi on September 12-13 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 forming key areas of focus.

BRICS has emerged as an important platform for coordination among major emerging economies and for advancing the interests of the Global South in multilateral institutions. Its agenda covers development, finance, technology, trade and people-to-people exchanges.

The grouping currently comprises 11 countries, i.e.Brazil, China, Egypt, Ethiopia, India, Indonesia, Iran, Russia, Saudi Arabia, South Africa and the UAE.

Collectively, the BRICS members account for around 49.5 per cent of the global population, 40 per cent of global GDP and 26 per cent of global trade, according to background information on India's 2026 Chairship.

India's BRICS Chairship comes amid global economic fragmentation, technological disruption, geopolitical uncertainty, climate change and resource pressures.

The expanded grouping provides a platform for cooperation on development, climate action, technology, energy and financial resilience, while also contributing to discussions on reforms in global institutions.

For India, the 2026 Chairship is focused on translating the expanded representation of BRICS into meaningful cooperation and tangible outcomes, while building consensus among its diverse members and strengthening the effectiveness of existing mechanisms. (ANI)