India, Russia to study economic pact with Belarus, Kazakhstan

Our Bureau New Delhi | Updated on July 17, 2012 Published on July 17, 2012

Shyam Sistema case to be take up with Commerce Minister

India and Russia have jointly agreed to study a comprehensive economic co-operation agreement with Belarus, Kazakhstan and the Russia Customs Union.

This was indicated by the External Affairs Minister, Mr S.M Krishna, after a meeting with the Russian Deputy Prime Minister, Mr Dmitry Rogozin, here on Tuesday.

Mr Krishna said co-operation in strategic areas was also discussed. “We exchanged constructive views on various aspects of trade and investment co-operation between India and Russia,” he said.

He added that India had sought a solution to outstanding problems confronting businessmen and both agreed to redouble efforts to achieve a $20-billion trade target by 2015.

The Russian Deputy Prime Minister said India and Russia were keen on joint production and research and development of projects.

“We are interested in joint production of Russia-India passenger aircraft. Another area where there is potential for co-operation is the helicopter industry,” Mr Rogozin said. Space was also area where the two could co-operate, he added.

“In the military field, our objective is to move from direct sales to joint development of military equipment and systems with eventual sales of products and prototypes to third countries,” Mr Rogozin said.

During his visit, the Russian Deputy Prime Minister will also meet the Prime Minister, Dr Manmohan Singh, and senior members of the Union Cabinet, including the Minister for Defence and Commerce and Industry.

Sistema Shyam case

The case related to the cancellation of 2G licences of Sistema Shyam TeleServices Ltd (SSTL) is expected to figure in the meeting with the Commerce and Industry Minister, Mr Anand Sharma. The Government had earlier indicated that it was for a “negotiated amicable settlement” in the case.

The Russian Government and Sistema hold around 74 per cent in SSTL. Sistema had recently invoked the provisions of the India-Russia Agreement for Promotion and Mutual Protection of Investments in a bid to settle the dispute.

The Deputy Prime Minister is here ahead of the President, Mr Vladimir Putin’s visit scheduled for later this year for the 13th India-Russia annual summit.

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

Published on July 17, 2012
This article is closed for comments.
Please Email the Editor