Russia's First Deputy Prime Minister Denis Manturov on Tuesday confirmed Moscow's intentions to conclude a Free Trade Agreement (FTA) between the Eurasian Economic Union and India -- as well as a bilateral agreement on services and investments -- while spotlighting that the volume of mutual trade between the two countries has grown more than fivefold over the past five years, including by nine per cent in the first eight months of the current year.
As he co-chaired the 25th meeting of the India-Russia Intergovernmental Commission in New Delhi along with External Affairs Minister (EAM) S. Jaishankar, Manturov also drew attention to the importance of expanding cooperation between Indian and Russian banks, mentioning that the current share of settlements in national and alternative currencies has reached almost 90 per cent.
"What is important is that this growth is accompanied by diversification of the structure of mutual trade. Along with traditional supplies of energy resources and mineral fertilizers, we have increased food exports, primarily sunflower and soybean oil," the Russian leader said at the meeting, according to a statement released by his office in Moscow.
"In turn, Russia, in addition to purchasing agricultural products, imports industrial equipment, components, medicines and substances from India. The tasks of further expanding the product range and reducing the imbalance in trade will be enshrined in the programme for the development of economic cooperation until 2030," Manturov stated.
The India-Russia Intergovernmental Commission on Trade, Economic, Scientific, Technological, and Cultural Cooperation (IRIGC-TEC) serves as the highest-level forum for bilateral economic collaboration between the two countries, encompassing a broad range of areas from trade to cultural exchange.
Russia's PMO revealed that special attention at the meeting was paid to the development of bilateral cooperation in the fields of energy, engine building and microelectronics, chemistry, metallurgy, digital technologies, railway engineering, as well as in the field of space exploration.
"We see opportunities for expanding the supply of equipment and components to support the Indian national manned space program 'Gaganyaan'. Projects in the field of satellite navigation are at an advanced stage," Manturov said.
The meeting also discussed cooperation in the humanitarian fields, in particular in the field of higher education with Manturov emphasising the need to simplify the procedure for mutual recognition of educational documents and academic degrees. In addition, the possibility of training Indian specialists based on Russian secondary vocational education programmes with the prospect of their subsequent employment at Russian enterprises is also being worked out by Moscow and New Delhi.
The two countries are working to intensify cooperation in the field of culture and tourism and create a separate working group on the issue within the commission.
"It is no less important to coordinate efforts in the transport sector. We are interested in expanding direct air traffic between our countries. Flights are currently carried out only by Russian Aeroflot, which operates 12 regular flights per week. We expect an increase in the frequency of flights, the development of the route network, as well as the resumption of flights by Indian air carriers," said the First Deputy Prime Minister of Russia.
Following the meeting, Manturov and EAM Jaishankar signed the final protocol of the 25th meeting of the IRIGC-TEC.
The visiting Russian Deputy PM also called on Finance Minister Nirmala Sitharaman, discussing issues of interbank and credit-financial cooperation, as well as prospects for concluding an intergovernmental agreement on the promotion and mutual protection of investments.
Work underway to resume normal train services in parts of NE: NFR officials
The Northeast Frontier Railway (NFR) engineers and workers are working on a war footing manner to fully repair the damaged railway track in Assam’s Lumding-Badarpur Hill Section, where a loaded goods train wagon derailed on October 31, officials said on Wednesday.
'Historic': Bihar leaders praise PM Modi for Darbhanga AIIMS gift
Bihar leaders expressed their appreciation for Prime Minister Narendra Modi on Wednesday for the establishment of a new All India Institute of Medical Sciences (AIIMS) in Darbhanga and the inauguration of numerous development projects across the state.
Bihar: PM Modi lays foundation stone of multiple projects including AIIMS in Darbhanga
Prime Minister Narendra Modi laid the foundation stone for multiple projects in Bihar, including an AIIMs in Darbhanga district on Wednesday. He also laid the foundation stone and inaugurated many other development projects in sectors like road, rail, petroleum and natural gas, at an estimated cost of Rs 12,000 crore.
MP bypolls: Angry tribals in Vijaypur gherao police station, polling resumes after halt
Voting for bypolls in Madhya Pradesh's Budhni and Vijaypur was underway under heavy security by police personnel and allegations of booth capturing at several places.
Rajasthan by-polls: 39.35 per cent voting till 1 pm, Independent candidate slaps SDM
Meanwhile, an independent candidate Naresh Meena slapped the Sub-Divisional Magistrate (SDM) in Deoli Uniara seat. The hooligan act of the contesting candidate was also caught on camera, creating widespread furore.
Maha polls: CM Shinde’s twin challenge in home turf - consolidating SS strength, ensuring MahaYuti victory
Although the Chief Minister along with Deputy Chief Minister Devendra Fadnavis partially succeeded in pacifying the rebels, those still in the fray have made the fight more tough for the MahaYuti.
Cong made mockery of Constitution by releasing its manifesto in silent period: BJP
BJP national spokesperson Sambit Patra has accused the Congress party of violating the Constitution and election rules, urging the Election Commission to take immediate action.
India set to become ‘major producer’ of electric vehicles like China: Mark Mobius
India, which began its electric vehicle (EV) journey with two-wheelers, is set to become a “major producer" of electric vehicles like China in years to come, ace global investor Mark Mobius has said.