India, Russia set $20 bn trade target by 2015

Prime Minister Manmohan Singh today underlined the importance of India and Russia in sustaining global economic recovery and said the two countries have decided to take bilateral trade to a much higher level of $20 billion by 2015.

In a statement at the joint press interaction with Russian President Dmitry Medvedev, Singh identified energy, information technology, communications and pharma sectors as areas of mutual cooperation between the two countries and lauded greater participation of Moscow in expanding New Delhi's nuclear energy programme.

"India and Russia can play a significant role in ensuring that the process of global economic recovery is sustained, balanced and inclusive," he said.

 

"We have decided to set a trade target of $20 billion by 2015. We have identified energy, IT and communications and pharma as the new thrust areas for co-operation," Prime Minister  said.

The trade between India and Russia stood at $7 billion in 2008. Indian export basket to Russia includes tobacco, tea, coffee, medicines, while it imports fertilizers, electrical machinery and aircraft equipment.

The Prime Minister said he attaches special importance to strengthening the economic dimensions of bilateral ties between the nations.

Singh said India-Russia CEO's Council is expected to play a much bigger role in realising this objective.

On India-Russia agreement on peaceful uses of atomic energy, Singh said, "It is a major step forward in strengthening our existing cooperation in this field."

The Prime Minister expressed India's keen interest to expand cooperation between the countries in the hydrocarbon sector.

"Given India's energy needs, and the world class capabilities of Indian companies in the oil and gas sector, this is an area of vast untapped potential. I was most encouraged by the President's positive response to taking further concrete steps in this direction," he said.