NEED TO INCREASE INDIA-RUSSIA BILATERAL TRADE: ANAND SHARMA
Date : 30 Sep 2010
Location : New Delhi
Shri Anand Sharma, Union Minister of Commerce and Industry, during his bilateral meeting with the Trade and Industry Minister of Russian Federation, Mr. Victor B Khristenko, here last evening, emphasized that there is a need to increase the bilateral trade volume in view of tremendous potential for enhancing the trade. The Minister also informed that sincere and conscious efforts need to be made by both the sides to increase the present level of trade volume. Shri Sharma said that the current level of Indo-Russian bilateral trade at US $ 4.54 billion (2009-10) does not reflect the true potential and added that both sides agreed in October 2009 to enhance bilateral trade to US $ 20 billion by 2015. While interacting with his counterpart, Shri Sharma said that Russian Government must open up sectors like Bovine meat, animal products and pharmaceuticals etc. The meeting was also attended by Shri R.P. Singh, Secretary, Department of Industrial Policy & Promotion apart from senior officials from both sides.
Expressing satisfaction over the bilateral discussions for allocation of rough diamonds to India through long-term arrangements and opening of office of ALROSA in India, Shri Sharma said that cooperation in this sector would enhance mutual benefits and contribute towards achieving bilateral trade. It would also be a step towards stability in world diamond market.
As regards pharmaceutical sector, Shri Sharma apprised the Russian on the desirability of cooperation in the test and analytical facilities in Russia to certify standards to enable access of Indian pharmaceutical products to Russia as also Fast Track registration of India’s pharma products within three months. While recognizing the conscious efforts being made by Russian Federation, Shri Sharma underlined India’s keen interest in mutual cooperation for increasing the volume of bilateral trade of pharmaceutical products through joint ventures.
Both the sides have already agreed to promote highly feasible technological projects to intensify India-Russia cooperation in metallurgy, medicine and biotechnology industry, telemedicine, machine-building and automobile construction, nanotechnology and other high-tech industries etc. during 16th meeting of India Russia Inter-Governmental Commission on Trade and Economic Cooperation (IRIGC-TEC).