India-Russia Trade Aims at $20bn

The India Russia Intergovernmental Commission on Trade and Economic Cooperation has been a dedicated facilitator of promoting bilateral economic ties. The 16^th meeting held in November this year, addressed a number of roadblocks to increasing trade and it was stressed that the trade level of less than $ 5 billion in 2009-10 was substantially below the potential that can be attained by two large and rapidly growing economies such as India and Russia.

Addressing the Plenary Session “Prospects of Russian-Indian Trade and Investment Relations Development” of 4th India-Russia Forum on Trade and Investments, on 20 December, Anand Sharma, Union Minister of Commerce and Industry, said that the target of US $ 20 billion trade by 2015 is achievable. The session was attended by the Deputy Prime Minister of the Russian Federation Mr. Sergei Ivanov; Minister of Economic Development and Trade of the Russian Federation Ms. Elvira Nabiullina; R.P. Singh, Secretary, Department of Industrial Policy & Promotion, apex chambers and senior officials from both sides.

Mr. Sharma stated that Indian and Russian economies have natural areas of synergy and India is ready to share its experience and expertise in setting up Information Technology parks. “We need to focus the possibilities of cooperation in the IT sector as the scope is immense. Now it is up to the business communities to seize the initiative”, he added.