FM Sitharaman, Russian Dy PM Manturov discuss economic cooperation

Union Finance Minister Nirmala Sitharaman on Tuesday held a meeting with Russian Deputy Prime Minister Denis Manturov in New Delhi. The two leaders exchanged views on strengthening economic and financial cooperation in to promote bilateral investment and trade.

The Ministry of Finance in a tweet said, "Union Finance Minister Smt. @nsitharamanmet Mr. Denis Manturov, Deputy Prime Minister and Minister of Industry & Trade of the Russian Federation, today, at New Delhi."

In another tweet, the Ministry of Finance stated, "Both Ministers exchanged views on strengthening economic and financial cooperation in areas of mutual interests to promote bilateral investment and trade."

Denis Manturov, who is also Russia's Minister of Industry and Trade on Monday arrived in New Delhi to co-chair the Intergovernmental Russian-Indian Commission.

On Tuesday, Russian Deputy Prime Minister Denis Manturov and External Affairs Minister S Jaishankar attended the 24th meeting of the Intergovernmental Commission (IGC) in New Delhi.

During the meeting, Jaishankar and Manturov discussed cooperation in areas of trade, finance, industry, energy sector, including nuclear power, agriculture, transport, healthcare, education and culture, the Russian Embassy in India said in a tweet.

At the 24th Meeting of IGC, Denis Manturov said that the trade turnover between Russia and India has exceeded USD 35 billion. The Russian Embassy in India tweeted, "Relations between #Russia and #India continue progressively developing in all directions. In 2022, despite negative external factors, positive dynamics in #RussiaIndia trade prevailed."

In his remarks at the 24th Meeting of IGC, Manturov said, "According to the last year results, the trade turnover between our countries increased by 2.6 times, exceeding 35 bn USD. We have completed ahead of schedule the task set by the leaders of our countries to reach level of bilateral trade of 30 billion USD by 2025."

On Monday, S Jaishankar and Denis Manturov met representatives of Russian and Indian businesses in New Delhi. The business forum participants discussed issues to further enhance Russian-Indian practical cooperation, including within the Intergovernmental Commission (IGC).

Addressing the gathering, Manturov termed IGC a "unique mechanism" for a comprehensive discussion of topical issues on the Russian-Indian agenda.

Manturov said, "The IGC is a unique mechanism for a comprehensive discussion of topical issues on the Russian-Indian agenda with the participation of specialised departments and organizations of the two countries. We are talking not only about trade and economic relations, but also about humanitarian areas of interaction, such as education and culture."

On Monday, Manturov and Jaishankar attended the India-Russia Business Dialogue on Monday. Denis Manturov said that Russia is looking forward to intensifying negotiations on Free Trade Agreement (FTA) with India. On his first day of the visit to India, Manturov also held a meeting with Union Minister of Commerce and Industry Piyush Goyal.

Addressing the India-Russia Business Dialogue, Manturov said, "Together with Eurasian Economic Commission, we are looking forward to intensifying negotiations on Free Trade Agreement with India.

He said, "Additionally, we are working on signing of Russia-India Bilateral Agreement for the Promotion and Protection of Investments." Manturov said that Russia has taken effective measures, including import preferences and mechanisms that guarantee the protection of investments that will be in demand among Russian and Indian businessmen.