India, Russia to study feasibility of comprehensive economic cooperation pact
26 Feb 2014
India and Russia have agreed to a proposal for setting up a joint study group for assessing the scope of a Comprehensive Economic Cooperation Agreement (CCEA) with member-countries of the customs union comprising the Russian Federation, Kazakhstan and Belarus.
This was conveyed in a meeting between union minister of commerce and industry Anand Sharma and Russia's deputy prime minister Dmitry Rogozin in New Delhi today.
India has sought Russia's cooperation for steering the process for CECA within the Eurasian Economic Commission in view of the support of the Russian side on the idea of setting up the joint study group.
The Russian side also conveyed the resolution of issues pertaining to market access of egg powder. Indian entities have started getting the nod for export of egg powder for the Custom Union markets, they pointed out.
During the India-Russia Working Group on Trade and Economic Cooperation (IRWGTEC), in September last year, the Russian side had stated that market access can be given if the Indian products meet the requirements and norms of the Custom Union.
The Indian side had pointed out that the products matched international standards and had agreed for an inspection by a delegation of food and veterinary authorities.
The Russian side today also assured to expeditiously resolve the issue of recognition of government-approved Indian labs for enabling export of bovine meat from India.
Both sides also reviewed the progress of identified 'priority projects'.
These projects include:
- Establishment of joint stock Indo-Russian enterprises for manufacturing light helicopters Ka-226T and Ka-226T;
- Participation by JSC United Aircraft Corporation in tender for Indian programme to develop civil aircraft; and
- Construction of plant for manufacturing butyl rubber with capacity of 1,00,000 tonnes per year at the production site in Jamnagar.
Commerce minister Anand Sharma said the two side will seek to further strengthen the special and privileged strategic partnership and specifically to enhance the economic and investment cooperation between India and Russia on a bilateral basis and have identified investment projects and proposals for special attention.