Bilateral trade between India and Russia Strengthen
Russia which was a super power about two decades ago went in hibernation due to its internal political unrest. However it looks like now it is opening arms to embrace the APAC growth story and has agreed to set up a joint study group to look at the feasibility of a free trade agreement (FTA) between India, the Customs Union of Russia, Belarus and Kazakhstan.
On Wednesday, the Russian Deputy Prime Minister Dmitry O. Rogozin and External Affairs Minister Sushma Swaraj in New Delhi decided to set up a study group in a four hour long meeting.
The two sides felt that there was untapped potential for trade between the countries and among the complementary areas identified were hydrocarbons, diamonds, coal and Russian investment in infrastructure in India. The existing level of bilateral trade at $10 billion does not seem to be the reflection of the true potential of the possible trade.
The two leaders also had a detailed discussion about cooperation in the field of hydrocarbons and energy. Sushma Swaraj also informed the Russian Deputy Prime Minister about Kudankulam I attaining criticality of 1,000 MW on June 7 and Kudankulam II is likely to attain criticality by the end of the year.
Syed Akbaruddin the official spokesperson of the ministry of external affairs mentioned that a proposal was made to have an India trade show in Moscow in September this year.
Source- The Financial Express
External Affairs Minister Sushma Swaraj, Free Trade Agreement, Infrastructure, infrastructure in forestland
