The Hindu Business Line : India, Russia sign pact for joint task force

New Delhi June 11 In line with the recommendation of the Joint Study Group (JSG) for reaching a bilateral trade volume of $10 billion by 2010 and exploring the feasibility of wrapping up a Comprehensive Economic Cooperation Agreement (CECA), India and Russia signed a statement of understanding to set up joint task force in St. Petersburg (Russia) on last Saturday.

An official release issued here said the Union Minister of Commerce and Industry, Mr Kamal Nath, and the Minister of Economic Development and Trade of the Russian Federation, Mr Gref, signed the statement.

The joint task force would further the objectives laid down by the JSG which was set up between India and Russia in February 2006 to formulate a programme for augmenting the India-Russia bilateral trade through significant increase of mutual bilateral trade turnover in a wide range of areas particularly on trade in goods and services, investment and economic cooperation.

Three meetings of JSG were held so far and the fourth one is slated to be held in July 2007. The JSG is in the process of finalising a report that would scan the current situation of bilateral trade and the prospects of expansion of trade and economic cooperation between the two countries. It might propose a set of recommendations for the Russian and Indian governments and business communities in both countries directed towards boosting bilateral trade and investment flows and fostering the potential of Russian and Indian relations in the economic sphere.

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