Russia's First Deputy Prime Minister Denis Manturov said on Tuesday Moscow planned to clinch a Free Trade Agreement (FTA) between the Eurasian Economic Union and India, as well as a bilaterial agreement on services and investments; he also drew special attention to the fact that the volume of mutual trade between the two countries had grown over fivefold in the past five years, including by nine per cent in the first eight months of the current year.
Co-chairing the 25th session of the India-Russia Intergovernmental Commission in New Delhi with EAM S. Jaishankar, Manturov further raised the issue of widening the interaction between Indian and Russian banks, underlining that at present already the share of settlements in national and alternative currencies has almost reached 90 per cent.
"What is important is that this growth accompanies 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.
"Together with the delivery of farm produce, India sells to Russia industrial machinery and equipment, spare parts, medicines and substances. The tasks of further expanding the range and reducing the imbalance in trade will be enshrined in the program for the development of economic cooperation until 2030, said Manturov.
The India-Russia Intergovernmental Commission on Trade, Economic, Scientific, Technological, and Cultural Cooperation is the highest-level forum for bilateral economic cooperation between the two countries, embracing vast fields from trade to cultural exchanges.
Russia's PMO said that attention was paid in the meeting to the development of bilateral cooperation in spheres of energy, engine building and microelectronic, chemistry, metallurgy, digital technologies, railway engineering, and space.
"We see chances for increasing the supply of equipment and components for supporting the Indian national manned space program 'Gaganyaan'. Projects in the field of satellite navigation are at an advanced stage," Manturov said.
The parties also discuss cooperation in the humanitarian sphere, first of all, in the sphere of higher education, stating that the procedure of mutual recognition of educational documents and academic degrees should be facilitated. Moscow and New Delhi work on the possibility of training Indian specialists based on Russian programs for the second/vocational secondary education with the prospect of their further employment at Russian enterprises.
The two countries will continue to work to improve their cooperation on culture and tourism issues and set up a separate working body on the issue within the commission.
"No less efforts should be coordinated in the sphere of transportation. Of course, we need an increase in direct air service between our states. Now, it is available only from Russian Aeroflot which performs 12 regular flights a week. We are eagerly waiting for their increase, for the development of the route network and also for flights on the route by the companies of India, ''said the First Deputy Prime Minister of Russia.
At the close of the meeting, IRIGC-TEC 25th meeting final protocol was signed by Manturov and EAM S Jaishankar.
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