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India, Russia agree to double trade in three years
New Delhi, February 13, 2008
India and Russia have agreed to more than
double their trade to 10 billion dollars by 2010, for which
the two countries will consider opening markets by a
Comprehensive Economic Cooperation Agreement.
"If we grow by 30 percent per year, we might achieve the trade
figure of 10 billion dollars by 2010," Russian Prime Minister
Victor A Zubkov said at the meeting of the India-Russia Forum
on Trade and Investment (IRFTI) in New Delhi on Tuesday.
Earlier in the day, Zubkov discussed with Prime Minister
Manmohan Singh the potential to double bilateral trade within
the next three years by enhancing cooperation in areas of oil,
gas, mining, technology, transport and energy.
Zubkov, told the forum meeting organised jointly by industry
bodies FICCI and CII that Russian rupee debt funds are being
utilised for the newly launched titanium project in Orissa.
"We are investing Russian rupee debt in the Indian economy,"
Zubkov said.
A joint task force is considering the market opening
Comprehensive Economic Cooperation Agreement between the two
of the four fastest growing BRIC (Brazil, Russia, India and
China) economies.
"The task force will study the complex economic arrangements
between the two countries," Russian Minister of Economic
Development and Trade E S Nabiullina said.
Commerce and Industry Minister Kamal Nath said his interaction
with IRFTI revealed that the Russian firms were interested in
a host of Indian sectors, including engineering, metallurgy,
automobile, aircraft building and infrastructure development.
"We are taking steps to build cooperation in the production of
titanium oxide," Nath said adding that Russian entrepreneurs
were also interested in India's growing telecom market.
Nath, said while not many Indian IT companies had set up base
in Russia, the situation was now changing with "India's
largest software developer Tata Consultancy Services planning
to set up a representative office in Russia by March 2008".
India is also keen to cooperate with Russia in areas of pharma,
tea and tobacco, he said.
"We would like to revive the tea trade," Nath added.
Currently India's exports to Russia are to the tune of one
billion dollars, which is less than one per cent of its
overall export.
Nath further said trade between the two countries can enhance
significantly if they agreed upon quality standards and
certification requirements by involving agencies from both
sides.
The India-Russia Forum on Trade and Investment was set up in
2006 for business-to-business interaction.
About 500 Indian and Russian companies participated in the
first meeting of the forum, held last year.
After the talks, the two sides signed an MoU for cooperation
between customs departments for fighting drug smuggling and
trafficking of psychotropic substances and their precursors,
dual-use goods, contraband for which a joint working group
will be formed.
Under the pact, the two countries will have information
exchange, regular meetings of the customs officials to counter
customs violations and sharing best practices.
An MoU for cooperation in the field of archives was also
signed for sharing of information, including documents on
Russian and Indian history.
An agreement between Kingfisher and Russia's Aeroflot and a
pact between two telecom companies of the two countries were
also inked during the visit.
Noting that Zubkov was in India within three months of his own
visit to Russia, Singh said such high-level exchanges reflect
"time-tested, close and special ties that exist between the
two countries."
Describing his discussions with Russian Prime Minister as
"extremely productive and comprehensive" covering all aspects
of bilateral relations, Singh said the visit would further
strengthen ties between the two countries for mutual benefit
and world at large.
"All qualities are characteristic of relations between two
strategic partners," he said, adding the strategic partnership
is based on profound feeling of respect to each other.
The Russian Prime Minister favoured partnership in peaceful
uses of outer space.
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