Relations with Russia are a key pillar of India's foreign policy and Russia has been a longstanding time-tested partner of India. Traditionally, the Indo-Russian strategic partnership has been built on five major components:
- civil nuclear energy
- anti-terrorism co-operation
However, in recent years a sixth component, economics, has grown in importance with both countries setting a target for US$20 billion in bilateral trade by 2015. In order to facilitate this target both countries are looking to develop a free trade agreement. Bilateral trade between both countries in 2012 grew by over 30%. The powerful IRIGC is the main body that conducts affairs at the governmental level between both countries.