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The Kremlin sets a task – to triple trade turnover with India in the three years
The Kremlin sets a task – to triple trade turnover with India in the three years. On the eve of President Vladimir Putin’s visit to New Delhi the Kremlin notes the dynamic development of trade relations with India. It sets a task to triple trade turnover between Russia and India in the three years. By the year 2010 it should reach 10 billion U.S. dollars. In 2005 it amounted to 3.1 billion U.S. dollars and in 2006 3.8 billion U.S. dollars. “The joint research group under the auspices of the Russian Economic Development Ministry and the Indian Ministry of Commerce and Industry are preparing a cooperation programme in order to increase trade between the two countries up to 10 billion U.S. dollars by 2010,” a high-ranking Kremlin official told Itar-Tass on Wednesday. “I want to note that products of machine-building and value added products prevail in mutual trade in the recent years,” the official stressed. “We improved mechanisms to coordinate and expand interaction within the Russian-Indian intergovernmental commission on trade, economic, scientific, technical and cultural cooperation.” At the 12th session in New Delhi on December 8 Russia and India reached agreements, which were designed to facilitate the strengthening of trade and economic relations and envision the priority development of interaction in such areas as metallurgy, machine-building, information technologies, space, energy, pharmaceutics and biotechnologies. “Special attention is paid to implementing major infrastructure projects. The most important project is to construct a nuclear power plant in the south of India, develop the Sakhalin-1 oil and gas field with the participation of India’s Oil and Natural Gas Corporation (ONGC), and gas prospecting on the shelf of the Bay of Bengal with Gazprom’s involvement. The Russian-Indian Business Cooperation Council (created in 2006) should step up direct relations between entrepreneurs of the two countries. The first Russian-Indian forum on trade and investments will be an important event. The forum will take place in New Delhi in February. Russia’s and India’s regions continue to expand their contacts. Moscow, St. Petersburg, the Republic of Bashkortostan, the Moscow, Chelyabinsk, Sverdlovsk and Vologda regions, as well as Primorye Territory are the most active regions in this aspect. Partnership is being developed between the Astrakhan region and the state of Gujarat, the Republic of Tatarstan and the state of Andhra Pradesh, the Samara region and the state of Karnataka, the cities of Kazan and Haidarabad, St. Petersburg and Mumbai. Russia and India rivet much attention to bilateral cultural ties, the official stressed. Contacts are being maintained between scientists, professors and students. An agreement was reached to hold Year of Russia in India (2008) and Year of India in Russia (2009). Both sides join efforts to increase interaction within the Dialogue of Civilisations programme.
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