Moscow, May 15: Taking a serious view of the "far below potential" economic cooperation, India and Russia today agreed to take steps to enhance trade and investment and expedite setting up of a proposed task force relating to rupee debt funds for investment in joint projects.
During wide-ranging discussions with Russian Prime Minister Mikhail Kasyanov and his deputy Alexie Kudrin, External Affairs Minister Yashwant Sinha sought Moscow's
cooperation in addressing three major areas of concern to both Indian as well as Russian business sectors.
These included absence of physical and financial infrastructure, which Sinha stressed, could only be addressed through better transport links, faster clearance of goods and expanded contacts between banking sectors.
The minister also sought Russian understanding on the need to have a flexible and friendly visa regime to facilitate increased business exchanges and early settlement of outstanding claims of Indian exporters.
The Russian premier shared Sinha's view that existing trade and investment ties were far below potential and that economic and commercial cooperation needed to be at the core
of the strategic partnership between the two countries.
Kasyanov assured the minister of Russia's "full understanding and support" towards creation of a conducive environment for growth of economic and commercial ties.
The two sides emphasised on the need to qualitatively expand the existing trade basket by providing a special thrust to merging areas of cooperation like energy, agriculture products and food processing, machinery and equipment, manufactured goods and information technology.
Bureau Report
