India-Russia trade to touch $10 bn by 2010: officials

Bilateral trade between India and Russia is expected to increase from $7 billion in 2008 to $10 billion by the end of next year and will grow further when the comprehensive trade pact is signed, according to officials.

"Judging the way trade has grown in the last 3-4 years, it ($10 billion target) will be certainly achieved by 2010," Trade Commissioner of the Russian Federation to India E A Korshunov told reporters at a CII function today.

Both the countries will be able to enhance bilateral trade to USD 10 billion despite delay in signing the Comprehensive Economic Cooperation Agreement (CECA).

The agreement, which will facilitate free trade in goods and services between the two countries, would be signed after Russia's membership in the World Trade Organisation is approved by the multilateral organistion, Commerce Ministry Joint Secretary Neeraj Kumar Gupta said.

"The issue is on the table. The moment they access the WTO, we can start our negotiations on the CECA," Gupta added.

On trade between the two countries, Korshunov said it has increased by 30 per cent in the first quarter of 2009 (calendar year) despite global economic downturn.