Long Term Trade Pact With Russia Being Explored

India and Russia are exploring long-term arrangements for trade and setting up a system of consignment sales on the rupee debt repayment account to ensure quick and regular availability of Indian goods in Russia.

In the fourth meeting of the Indo-Russian Working Group on Trade and Economic Cooperation which began here yesterday, the Union commerce secretary P P Prabhu stressed on Indias desire to expand its trade basket by adding more and more non-traditional items of exports to Russia so as to give a self sustaining character to the trade exchanges. He also expressed Indias interest in setting up banking subsidiaries in Russia.

The Russian delegation, led by the deputy minister of foreign economic relations and trade V G Karastin said the working groups meet was significant in the context of the Russian president Boris Yeltsin visit to India next month.