During the meting, the JTF reviewed the status of bilateral trade and positively noted the increase witnessed during the current financial year. According to Russian statistics, bilateral trade during 2009 amounted to USD 7.46 billion, marking an increase of 7.5% in comparison to that in 2008. Russia’s export amounted to USD 5.93 billion while Russia’s imports from India stood at USD 1.53 billion. Bilateral trade during January-February 2010 amounted to USD 1.29 billion, marking an increase of 39.3% in comparison to the corresponding period of 2009 including Russia’s exports at USD 1.04 billion (increase by 39.4%) and Russia’s import at USD 0.25 billion (increase by 38.9%).

The JTF deliberated on the recommendations of the JSG and discussed on exploring possibility of a bilateral trade agreement with concrete steps for their implementation. Under sectoral discussions, the JTF addressed the areas of metals and minerals, leather, textile, audio-visual and entertainment services, energy services, infrastructure, IT and agricultural products. Both sides recognized the importance of establishing direct business-to-business contacts in further development of economic co-operation. In this context, the two sides positively noted that an India-Russia business dialogue has been included in the program of St. Petersburg International Economic Forum. The Indian side informed that a high-level business delegation led by Minister of Commerce and Industry will participate in the forum.4. During the meeting, the Indian side proposed to take additional steps to facilitate business-to-business interactions. In this regard, the Indian side called for simplification in the process of issue of business visa and proposed that support letters from apex national business chambers may be considered as sufficient basis for grant of business visa. The Indian side also called for putting in place an institutional mechanism in Russia to address trade disputes between business entities of the two countries stating that, Directorate General of Foreign Trade, New Delhi is the nodal agency in India for such matters.

The Indian side drew attention of the Russian side to the difficulties being faced by Indian textile businessmen in Moscow whose business premises had been raided and seized by Russian law enforcement agencies in March 2010 without sufficient explanations, leading to disruption of business. The Indian side urged for expeditious conclusion of investigations in order to minimize the hardship to the genuine businessmen.
The India-Russia Joint Task Force has been constituted to monitor the implementation of the recommendations of India-Russia Joint Study Group (JSG) which was set up to work out a programme for enhancing the bilateral trade to USD 10 billion by 2010 and to explore the possibility of a Comprehensive Economic Cooperation Agreement between the two countries. The JSG finalized its report in 2007, which is a public document available on the website of
Link: Department of Commerce of India : http://commerce.nic.in

President Dmitry Medvedev sends messages of
condolence
to India

President Dmitry Medvedev sent messages of condolence to Hon’ble President and Prime Minister of India for the victims of the Mangalore air crash on 22 May 2010 and the train derailment in West Bengal.