India, Russia plan comprehensive economic cooperation

11 June 2007

Mumbai: India and Russia will explore the possibilities of signing a comprehensive economic partnership agreement that will cover a free trade agreement (FTA) as also investments and trade in services.

Commerce and industry minister Kamal Nath and minister of economic development and trade of the Russian Federation, G O Gref, signed the agreement to this effect in St Petersburg last week, a release said.

The two sides have agreed to set up a joint task force for exploring CCEA and boosting bilateral trade to $10 billion by 2010.

The task force would review steps taken to boost trade since February 2006, when the joint study group (JSG) was set up for the purpose.

Three meetings of JSG have been held so far and the fourth meeting is scheduled for July.

Besides, the group would recommend steps for two governments and business communities to enhance trade and investment.