India, Russia discuss ways to boost trade, investments

New Delhi: India and Russia have discussed ways to boost bilateral trade and investments to strengthen economic ties, the commerce ministry said on Friday.

Commerce and Industry Minister Suresh Prabhu met Russia's Minister for Economic Development Maxim Oreshkin in Moscow yesterday and discussed the current level of trade between the countries and ways for its enhancement.

"They also discussed opportunities that the fast growing economy of India provides for doing business, particularly in the field of manufacturing," the ministry said in a statement.

Prabhu is on a visit to Russia from November 15-17, to participate in the Shanghai Cooperation Organisation meeting of the ministers of member states responsible for foreign economy and trade.

This is the first ministerial conference on trade organised by the organisation after India became a full member in June.

Prabhu also met the Member of Board (Minister) for Trade of the Eurasian Economic Commission (EaEC), Veronika Nikishina and discussed early start of negotiations of the proposed free trade agreement between India and the Eurasian Economic Commission.

Belarus, Kazakhstan, Russia, Armenia and Kyrgyzstan are EaEC members.

A joint feasibility report on the proposed agreement was completed last year. It concluded that the proposed pact is feasible and mutually beneficial with substantial potential welfare gains and augmentation of trade in goods.

Further, it said Prabhu participated in a round table interaction with 30 of Russia's leading business leaders from sectors including steel, engineering, railways, financial services and nuclear energy.

"The minister told the gathering about the new initiatives of the Government of India, particularly with regard to ease of doing business, priority areas like financing in the nuclear energy sector, natural gas and railways," the statement added.