With an aim to boost trade ties, India and Russia have agreed to jointly study a Comprehensive Economic Cooperation Agreement with Belarus-Kazakhstan and exuded confidence to acheive an ambitious trade target of $ 20 billion by 2015.
“We exchanged constructive views on various aspects of India-Russia trade and investment cooperation. We sought definite solutions to certain outstanding problems confronting our business communities and explored ways to enhance our trade turnover,” External Affairs Minister S M Krishna said after his meeting with Russian Deputy Prime Minister Dmitry Rogozin.
The Customs Union between Russia, Kazakhstan and Belarus had formally came into existence on January, 2010 while the single economic space was implemented from January 2012. Other countries like Tajikistan have voiced their interest and countries like the Ukraine have been considering joining. The three member states have already announced the the possibility of creating a Eurasian Union treaty by 2015.
Bilateral trade between India and Russia was nearly $ 9 billion in 2011. India’s exports to Russia include pharmaceuticals, coffee, tea, tobacco, processed fruits and cotton yarn while India’s imports include mineral products, natural pearls, machinery and equipment and textiles.