India, Russia to set up Joint Task Force

Moscow, July 10 (UNI) India and Russia will set up a Joint Task Force (JTF) during Prime Minister Manmohan Singh's visit to Moscow in November, to boost bilateral trade between the two countries.

Commerce Secretary G K Pillai who led the Indian delegation at the fourth round of talks with Russia, in the framework of the Joint Study Group (JSG), said here the JTF would monitor the implementation of the recommendations embracing trade, investment and service sectors in the final report by the JSG.

The report would be submitted to the Indian and Russian governments for their respective approvals, before Dr Singh's visit, he added.

Mr Pillai said the Joint Task Force would be set up at the ministerial level with the purpose of signing the Comprehensive Economic Cooperation Agreement (CECA) when Russia joins the WTO.

The CECA is expected to have not only characteristics of Free Trade Agreement(FTA) but likely to include trade in services and investments.

The JTF is expected to raise the level of bilateral trade turnover from 2.72 billion dollar in 2005-06 to 10 billion dollar by 2010.

Mr Pillai said the meetings of JSG had been ''very useful'' as both countries understood the various issues and potential for improving trade, investment and services in the near future.

President of the Centre for Strategic Research (CSR) Mikhail Dmitriyev, under the Kremlin, led the Russian delegation at the talks.

UNI