India-Russia aim to take bilateral trade to $10 bn by 2010

New Delhi, June 11 (UNI) India and Russia have decided to monitor implementation of a programme aimed at reaching a bilateral trade of 10 billion dollars by 2010.

Commerce and Industry Minister Kamal Nath and Minister of Economic Development and Trade of the Russian Federation, Mr Gref, in St Petersburg signed a statement of understanding to set up a joint task force (JTF) to monitor implementation of the programme recommended by the joint study group (JSG) of the two countries on Saturday.

It was also decided to explore the feasibility of concluding Comprehensive Economic Cooperation Agreement (CECA) between the two countries, an official statement released here said today.

The JTF will give a push to the objectives laid down by the JSG.

The study group, set up in February 2006, was tasked to formulate a programme for increasing the bilateral trade between the two countries, particularly trade in goods and services, investment and economic cooperation.

The study group, which have had three meetings so far, is scheduled to meet again next month to analyse the current situation of bilateral trade and explore prospects of expanding it further.

The JSG, now preparing a report for the upcoming meeting, will list a series of recommendations for the Russian and Indian governments and business communities, aimed at boosting bilateral trade and investment flows and for developing the potential of the two countries in the economic sphere.

UNI