India, Russia target $20 billion bilateral trade by 2015

India and Russia have set a trade target of $20 billion by 2015 as the two countries identified various sectors for expanding bilateral trade and investment.

The two countries today signed a protocol on trade and investment covering a wide spectrum of industries in order to strengthen bilateral economic engagement through direct business-to-business contacts.

The agreements were signed at the Fourth India-Russia Forum on Trade and Investment, organised jointly by India's ministry of commerce and industry and the ministry of economic development of the Russian Federation.

Sergei Ivanov, deputy prime minister of the Russian Federation and Anand Sharma, India's minister of commerce and industry, participated in the forum.

Speaking at the function in New Delhi today, India's minister of commerce and industry Anand Sharma said the target is achievable provided all stakeholders put in concerted high efforts to meet it.

"Let us work together for a renewed thrust on bilateral trade and investment," he said.