IRIGC-TEC reviews progress in India, Russia bilateral issues

The India-Russia Inter-Governmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation (IRIGC-TEC) on Wednesday reviewed the progress in bilateral issues between the two nations. New Delhi was represented by External Affairs Minister Sushma Swaraj, while Moscow was represented by Deputy Prime Minister Dmitry Rogozin.

Taking note of important outstanding issues requiring immediate attention, the commission recommended early resolution of such issues amicably in tune with the spirit of traditional friendship and mutual trust between the two countries.

During the meeting, the commission formulated a joint study group for the proposed agreement between India and the Customs Union of Belarus, Kazakhstan and the Russian Federation for trade in goods and services.

The commission further decided upon the enhancement of bilateral trade through the International North South Corridor Project (INSTC) by freight forwarders and exporters particularly to bolster trade in agriculture and food processing industry.

The two nations also agreed to maintain the momentum of cooperation in some priority areas such as hydrocarbons, coking coal, fertilizers, mining, civil aviation, infrastructure and trade in rough diamonds.

The commission also concurred on a joint cooperation between the Indian company National Mineral Development Corporation (NMDC) and the Russian company ACRON for the development of potassium and magnesium deposits in the Talitsky mine in the Perm region and Partomchorr apatite-nepheline ore deposits in the Murmansk region of Russia.

The two nations also decided upon certain other key decisions, including proposals for the establishment of a 'smart city' in India by the Russian company (AFK 'Sistema'), the manufacture of lighting equipment for general and special purpose in Karnataka by an affiliate of MGK Lighting technologie, Russia, and project of the Group of companies Dauria Aerospace and Aniara Communications Pvt. Ltd., concerning the unrolling of a group of telecommunication satellites 'NextStar' on the geostationary orbit of the Earth on the basis of low budget platform.

Apart from these agreements, several Indian companies engaged with Russian partners for investment and joint collaboration projects in energy, science and technology and steel sectors.

The meeting also reviewed the preparations for the forthcoming visit of Russia President Vladimir Putin to India in December this year.

The next session of the IRIGC-TEC will be held in Moscow in 2015.

Relations with Russia are a key pillar of India's foreign policy and Russia has been a longstanding time-tested partner of India. Under the strategic partnership, several institutionalized dialogue mechanisms operate at both political and official levels to ensure regular interaction and follow up on cooperation activities. During the visit of President Putin to India in December 2010, the strategic partnership was elevated to the level of a 'special and privileged strategic partnership'.