PM Modi Vows to Revive India-Ukraine Trade to Pre-War Levels Amid Geopolitical Challenges

Prime Minister Narendra Modi has reaffirmed India’s commitment to Ukraine, aiming to restore bilateral trade to levels seen before the 2022 conflict with Russia. During his recent visit to Ukraine, Modi held delegation-level talks with Ukrainian President Volodymyr Zelenskyy in Kyiv. The discussions resulted in the signing of four Memoranda of Understanding (MoUs), strengthening ties in areas such as community development, drug control, cultural exchange, and agriculture.

The Prime Minister’s Office issued a statement detailing the leaders' discussions, which focused on enhancing cooperation across various sectors, including trade, commerce, agriculture, pharmaceuticals, defense, education, and culture. They also explored opportunities in digital public infrastructure, manufacturing, and green energy, with an emphasis on involving businesses from both nations.

Given the significant drop in bilateral trade since the onset of the war, Modi and Zelenskyy directed their respective officials to explore all avenues to not only restore but also expand economic relations beyond pre-conflict levels.

Bilateral trade between India and Ukraine had grown substantially over the past 25 years, reaching USD 3.386 billion in 2021-22. However, the conflict caused a significant decline, with trade volumes dropping drastically. Despite this, the first half of 2024 saw a slight rebound, with bilateral trade amounting to USD 1.07 billion.

The leaders also highlighted the importance of improving the ease of doing business and removing barriers to enhance trade and investment. They encouraged greater engagement at both official and business levels to explore joint ventures and collaborations.

In addition to economic ties, defense cooperation was a focal point of the discussions. Both leaders committed to strengthening their defense sectors through joint collaborations, manufacturing partnerships, and cooperation in emerging technologies. They agreed to convene the second meeting of the Indian-Ukrainian Joint Working Group on Military-Technical Cooperation in India soon.