The Hindu Business Line : Russian PM to take up bank guarantee issue

The Russian Prime Minister, Mr Mikhail Fradkov, will meet the Prime Minister, Dr Manmohan Singh, on Friday and discuss the issue of creating the right environment for increasing bilateral trade and economic relations which would include opening of each others banking and financial sector and the acceptance of guarantees issued by the Russian banks by their Indian counterparts.

Speaking at a meeting organised jointly by the Federation of Indian Chambers of Commerce and Industry, Confederation of Indian Industry and Assocham, Mr Fradkov said the issue of acceptance of guarantees issued by Russian banks by their Indian counterparts is not resolved yet.

The Minister for Commerce and Industries, Mr Kamal Nath, said the "decline in traditional items of Indian export to Russia like tea, tobacco, readymade garments etc. require attention if we are to leapfrog in bridging the deficiencies in our trade."

The two countries also signed three MoUs for increasing mutual economic cooperation. The first MoU was between Exim Bank and Russian Vneshtorgbank, the second between ICICI Bank and Vneshecononbank and the third between Indian Oil Corporation and Stroytransgaz.

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