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India,
Russia ink 19 business deals, explore trade pact
Tuesday December 21, 2010 10:27:07 PM,
IANS
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New Delhi: Seeking to put innovation and business at the centre of a
partnership that has remained mostly defence-centric and setting a
bilateral trade target of $20 billion by 2015, India and Russia
Tuesday inked 19 business-related deals. They also agreed to
explore the posibility of a comprehensive economic cooperation
agreement.
"Both sides agreed to consider the possibility of a Comprehensive
Economic Cooperation Agreement," said a joint statement issued
after talks between Prime Minister Manmohan Singh and visiting
Russian President Dmitry Medvedev here.
The two countries agreed to "continue their efforts to achieve the
strategic target of bilateral trade volume of $20 billion by
2015," it added.
Strengthening bilateral trade and economic ties topped the agenda
of Medvedev's two-day visit to India that began Tuesday. Of the 29
deals signed Tuesday, 19 were related to trade and business and
were inked between Indian and Russian public and private
companies.
"The two sides recognise that considerable potential exists for
mutually beneficial investments by Russia and India in the
privatisation programmes and programmes aimed at fostering
technological innovation in their respective economies," joint
statement noted.
Major business deals inked between the two countries include
memoranda of understanding (MoUs) on cooperation in the
pharmaceutical sector, strengthening the regulatory framework for
monitoring bilateral trade and bolstering banking linkages between
the two countries.
Other deals pertain to simplification of visa procedures for
certain categories, including businessmen, and cooperation in the
oil and gas sector.
The major business deals concluded on the margins of the
India-Russia annual summit, include:
* Opening of official representative office of Gazprombank in
India
* Agreement between Exim Bank and Vnesheconombank to
operationalise a $100 million line of credit agreed on during the
December 2009 summit
* Agreement between State Bank of India and Vnesheconombank on
banking sector cooperation
* Pact between Central Board of Excise and Customs (CBEC) and
Federal Customs Service on exchange of information on foreign
trade
* Joint venture between Reliance and Sibur, a subsidiary of
Gazprom, for setting up a butyl rubber manufacturing facility in
India
* MoU between Tata Sons and Skolkovo Foundation for joint research
and development in high-tech innovations
In his opening statement at a joint press interaction with
Medvedev, Manmohan Singh said: "We have signed agreements in the
pharmaceuticals and information technology sectors. These are
areas which have immense possibilities for expansion. The
agreement on visa simplification that has been signed will help in
ease of travel of citizens of our countries."
Medvedev too emphasised on the need for strengthening bilateral
trade and investment ties pointing to "a new and qualitative
change" in the India-Russia relationship. "A modernization
cooperation was shaping up between the two countries," he added.
Medvedev's trip to India tops visits by leaders of the US,
Britain, France and China in the last few months, making 2010
unique in Indian diplomacy when the leaders of all five permanent
members of the UN Security Council visited the country.
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