Trade bodies sign MoU to boost Indo-Russia trade

New Delhi, Feb 11 (UNI) Trade bodies between India and Russia today agreed to cooperate in areas such as oil and gas, engineering and telecom.

In an MoU signed between Associated Chambers of Commerce and Industry of India (ASSOCHAM) and World Trade Centre, Chelyabinsk (Russia), the two bodies also agreed to have joint ventures in other sectors including metallurgy and pharmaceuticals.

After signing the MoU, Assocham Secretary General D S Rawat said, ''The MoU has come into effect from today onwards and will remain valid until each sides gives an advance, a one month written notice for its termination.'' The two associations would also exchange information on legal economic status, trade policies and legislative changes of their respective countries to strengthen trade, technological and industrial cooperation.

''We came here to present the opportunities prevalent in our region (Chelyabinsk), find partners for joint ventures and hope to increase the trade figures between India and Russia,'' Chief Executive (World Trade Centre, Chelyabinsk) Tatiana Grekhova said.

''Its our third visit and the focus is on metallurgy,'' she added.

Besides, the industry of the country and Chelyabinsk would also inform each other of all activities that have the potential to further the trade and investments and will assist each other in organising business delegations and facilitate their business contacts.

Moreover, the two countries would also exchange information about international fairs, exhibitions and trade promotion events to be held in their respective countries and assist their members in participating in such events.

They would also unite their efforts for development of tourism, besides assisting in development of mutually beneficial joint ventures and investment opportunities between their respective members and organisations.

UNI BJR SG KN1825