India, Russia aim at $20 bn trade by 2015

New Delhi, Dec 20 (PTI) Hours before the arrival of
President Dmitry Medvedev here, India and Russia on Monday
signed a protocol agreeing to increase bilateral trade over
four-fold to USD 20 billion by 2015 for strengthening
"strategic partnership".
As many as eight companies from the private sector signed
MoUs for setting up joint production facilities, technology
transfer and sourcing of raw material in the presence of
Deputy Prime Minister of the Russian Federation Sergei Ivanov
and Commerce and Industry Minister Anand Sharma.
Size of the deals could not be obtained either from the
industry chambers FICCI and CII or the Commerce Ministry.
The two countries, with greater involvement of the
private sector, want to step up more than four-fold the
bilateral trade in the next five years to USD 20 billion from
a modest USD 4.5 billion in 2009-10.
"Both sides agreed that enhancement of bilateral
investment and cooperation is one of the main ways to widen
and further strengthen the strategic partnership between India
and Russia," the protocol signed after the meeting of the
India-Russia Forum on Trade and Investment said. The meeting
was attended by top CEOs from both the countries.
Sharma said the trade target was achievable provided
concerted efforts are made.
The protocol identified opportunities for cooperation in
chemical and fertiliser, pharmaceutical, oil and gas, IT and
communication and trading opportunities in gems and jewellery.
The two countries agreed that "they must pursue
possibility of joint investment in the fertiliser sector in
the two countries as well as in other resource rich countries
with the possibility of buy back arrangement".
There are sufficient opportunities for manufacture of
nitrogenous fertilisers using natural gas feedstock from
Russia. Steps should also be taken for joint ventures for
mining of potash and phosphate for production of fertiliser.
JSC Sitronics and Shyam Telecom signed agreement for
joint promotion of products. Dr Reddy's Lab also signed MoU
with R Pharma of Russia.
In the energy sector, both sides outlined prospects for
enhancing cooperation in the upstream oil and gas field,
downstream construction of refinery and joint projects in
third countries.
Companies from the two sides also concluded long term
contracts for direct trade of rough diamonds, a move which
will help India's gems and jewellery domestic sector.
Indian firms like SAIL and MMTC have evinced interest in
procuring coking and thermal coal from Russia.
Indian business representatives in the Forum urged that
the proposed agreement on mutual recognition of standards be
expedited. This would help export of agriculture and meat
products from India to Russia.