New Delhi, Nov 12 (UNI) Russia’s First Deputy Prime Minister Denis Manturov on Tuesday confirmed Moscow’s intention to conclude a free trade agreement between the Eurasian Economic Union and India, as well as a bilateral agreement on services and investments.
External Affairs Minister S Jaishankar along with Russian First DPM Manturov on Tuesday co-chaired the 25th Session of the Intergovernmental Russian-Indian Commission on Trade, Economic, Scientific, Technical and Cultural Cooperation.
Manturov also drew attention to the importance of expanding cooperation between Russian and Indian banks. Today, the share of settlements in national and alternative currencies reaches almost 90%, he pointed out.
"It is equally important to coordinate efforts in the transport sector. We are interested in expanding direct air traffic between our countries. We expect to increase the frequency of flights, develop the route network, and resume flights of Indian air carriers," noted Denis Manturov, the Russian Embassy said in a statement.
Special emphasis at the meeting was placed on the development of bilateral interaction in the spheres of energy, engine building and microelectronics, chemistry, metallurgy, digital technologies, railway engineering, as well as space exploration.
Over the past five years, the volume of mutual trade between the two countries has grown more than five times, and by 9% in the first eight months of this year. The tasks of further expanding the range of goods and reducing the trade imbalance will be enshrined in the economic cooperation development programme till 2030, he said.
The parties also discussed humanitarian cooperation, in particular in higher education. Denis Manturov underscored the need to simplify the procedure for mutual recognition of educational documents and academic degrees.
The IRIGC-TEC mechanism, set up under an Inter- Governmental Agreement, signed in 1992, comprises 14 Working Groups and 6 Sub-Groups in diverse areas. It is the major coordinating mechanism for bilateral cooperation in areas such as trade, economic ties, science and technology, and culture. The agenda of the 25th Session of the IRIGC-TEC included cooperation in trade, investments, hydrocarbons, nuclear energy, connectivity, agriculture, science & technology, IT, pharmaceuticals, healthcare, fertilizers, education, culture and other areas. The two Co-Chairs expressed satisfaction at the continued progress in bilateral engagement and cooperation, an Indian readout said.
In the backdrop of decisions taken by the Leaders during the 22nd India-Russia Annual Summit in Moscow in July 2024, the Co-Chairs directed the Working Groups and Sub-Groups to work expeditiously for early finalization of the Programme of Economic Cooperation 2030, and take steps to enhance market access that could enable businesses communities of the two countries to achieve the bilateral trade target of USD 100 billion by 2030.
Both sides also agreed to work towards developing a broad-based enabling framework for increasing economic engagement between the two countries.
Following the conclusion of the Plenary Session, the Co-Chairs signed a Protocol for the 25th Session of IRIGC-TEC.
The IRIGC-TEC Sessions were preceded by the India-Russia Business Forum, in Mumbai on November 11 with the participation of the Co-Chairs and which witnessed participation by a wide range of stakeholders including officials as well as representatives from businesses and industries of India and Russia. Some key themes in discussions during the event included manufacturing, connectivity, and investments.
First Deputy Prime Minister Manturov’s other bilateral engagements included a call on the Prime Minister Narendra Modi on Monday, and meetings with the Minister of Finance and Minister of Corporate Affairs, Nirmala Sitharaman, and National Security Adviser Ajit Doval.
The rich exchange of views on matters of mutual interest during the visit of First Deputy Prime Minister Manturov to India will contribute towards developing better understanding between the countries and help expedite implementation of bilateral priorities, as well as further strengthen the Special and Privileged Strategic Partnership between India and Russia.
Following the meeting, the First Deputy Prime Minister of Russia and the Minister of External Affairs of India signed the final protocol of the 25th Session of the Russian-Indian IGC, the Indian statement said.
UNI RN