India and Russia have signed a Statement of Understanding to set up a Joint Task Force (JTF) to monitor the implementation of the Programme recommended by Joint Study Group (JSG) intending to reach a bilateral trade of US $ 10 billion by 2010 and to explore the feasibility of concluding Comprehensive Economic Cooperation Agreement (CECA) between the two countries.
The Statement was signed by Shri Kamal Nath, Minister of Commerce and Industry of India and Mr. Gref, Minister of Economic Development and Trade of the Russian Federation, in St. Petersburg (Russia) on June 9, 2007.
The Joint Task Force will further the objectives laid down by the JSG which was set up between India and Russia in February 2006, to formulate a programme for increasing the India-Russia bilateral trade through significant increase of mutual bilateral trade turnover between the two countries in a wide range of areas particularly with regard to trade in goods and services, investment and economic cooperation.
Three meetings of JSG have been held so far and the fourth meeting is scheduled to be held in July 2007.
The Joint Study Group is in the process of finalising a report that would analyse the current situation of bilateral trade and the prospects for expansion of trade and economic cooperation between Russia and India and contain a list of recommendations for the Russian and Indian Governments and business communities directed towards boosting bilateral trade andinvestment flows and developing the potential of Russian and Indian relations in the economic sphere.
Press Information Bureau Government of India
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