Russian President Vladimir Putin and Indian Prime Minister Narendra Modi on Friday announced a deal to boost annual trade between their countries to $100 billion by 2030.

The leaders made the announcement at the 23rd Russia-India Summit, The Associated Press reported.

Last fiscal year, bilateral trade between the two countries came to $68.7 billion. The trade heavily favors Russia, with deep deficits for India, which it is looking to bridge by pushing exports.

“To achieve this significant goal, a program for the development of Russian-Indian economic cooperation until 2030 has been agreed upon,” Putin said. He added that they are working on an agreement for India to establish a free trade zone with the Eurasian Economic Union, a Russia-dominated economic grouping of several former Soviet nations, emphasizing that it could help increase trade.

“Russia is a reliable supplier of energy resources and everything necessary for the development of India’s energy sector,” Putin said. “We are ready to continue ensuring the uninterrupted supply of fuel for the rapidly growing Indian economy.”

After the talks, Modi said that the two countries will work toward concluding a free trade agreement with the Eurasian Economic Union. He also announced that India will start issuing free electronic visas soon for Russian tourists and groups.

Modi said energy security has long been the foundation of India-Russia ties, with civil nuclear cooperation spanning decades. He added that this will continue, along with collaboration in clean energy, shipbuilding, fertilizers, and labor mobility.