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India, Russia sign protocol to expand trade to new areas
India and Russia on Thursday signed a trade protocol to expand the bilateral business beyond the $ 1.5 billion mark, have cooperation in new areas, including diamond andcomputers, and strengthen banking arrangements and the nuclear energy tie-up.
India and Russia on Thursday signed a trade protocol to expand the bilateral business beyond the $ 1.5 billion mark, have cooperation in new areas, including diamond and
computers, and strengthen banking arrangements and the nuclear energy tie-up.
The protocol was signed by the visiting Russian Deputy Prime Minister Ilya Klebanov and Finance Minister Yashwant Sinha after the session of the Indo-Russian Inter-Governmental Commission (IRIGC) for trade, economic, scientific, technological and cultural cooperation. Briefing reporters on the protocol and meeting, Mr Sinha said India and Russia had decided to give a further boost to trade exchanges and identified new areas of cooperation. For instance, India would import rought diamonds from Russia, which would buy computers and more pharmaceuticals. Russia had agreed to give one-time clearance for drug imports, replacing the batch-by-batch approach, he said. While India would use the rupee payment arrangement fully, it would also encourage more trading exchanges in free currency.
The two countries had decided to set up a joint working group which would go into the question of viability of restructuring Indian Iron and Steel Company (IISCO) and submit its report to both governments. ``We have also agreed to examine the possibility of utilisation of the rupee fund for project investment in selected areas on a case-by-case basis,`` Mr Sinha said.
India had also taken note of the Russian concern over the anti-dumping measures and ``we have decided to work together informally to avoid such situations.``
Bureau Report
The protocol was signed by the visiting Russian Deputy Prime Minister Ilya Klebanov and Finance Minister Yashwant Sinha after the session of the Indo-Russian Inter-Governmental Commission (IRIGC) for trade, economic, scientific, technological and cultural cooperation. Briefing reporters on the protocol and meeting, Mr Sinha said India and Russia had decided to give a further boost to trade exchanges and identified new areas of cooperation. For instance, India would import rought diamonds from Russia, which would buy computers and more pharmaceuticals. Russia had agreed to give one-time clearance for drug imports, replacing the batch-by-batch approach, he said. While India would use the rupee payment arrangement fully, it would also encourage more trading exchanges in free currency.
The two countries had decided to set up a joint working group which would go into the question of viability of restructuring Indian Iron and Steel Company (IISCO) and submit its report to both governments. ``We have also agreed to examine the possibility of utilisation of the rupee fund for project investment in selected areas on a case-by-case basis,`` Mr Sinha said.
India had also taken note of the Russian concern over the anti-dumping measures and ``we have decided to work together informally to avoid such situations.``
Bureau Report