igPic
India, Russia to tap potential for boosting bilateral trade
11/13/2012 9:21:47 AM
Expressing optimism over bilateral trade, India and Russia today said huge potential exists in both the countries to boost two-way commerce.


The matter was discussed during the meeting of External Affairs Minister S M Krishna and visiting Russian Deputy Prime Minister Dmitry Rogozin here in the 18th India-Russia Inter-Governmental Commission meeting.


"Both sides expressed optimism at the increase in bilateral trade turnover during the year. It was, however, acknowledged that the level of economic engagement was not commensurate with the potential which exists," the External Affairs Ministry said in a statement.


It said the meeting was marked by a constructive approach towards resolving some outstanding concerns related to specific investments and projects.


Both the sides agreed to carry forward the initial momentum gained from the newly constituted working group of modernization and industrial cooperation.


"The focus of this mechanism...is to harness benefits from newer and innovative commercially viable technologies," it said. The two countries also identified new sectors like civil aviation, infrastructure, audio-visual and entertainment services and MSME to increase cooperation.


"The two sides agreed to bolster greater inter-regional cooperation between the two countries, encouraged by the recent visits from either side by official representatives and business communities of certain regions/states," it said.


The conclusion of long-term purchase agreements for LNG between Indian and Russian energy companies in the past one year indicates that further synergies can be achieved in the energy sector.


"With the conclusion of over 500 joint projects in the field of science and technology, this remains one of the important pillars of Inter-Governmental Commission Framework," it added.


Both the sides target USD 20 billion bilateral trade by 2015 from about USD 10 billion currently.