Russia and India intend to strengthen bilateral trade and economic cooperation
On October 15, 2016, based on the outcomes of a meeting between Russian President Vladimir Putin and Indian Prime Minister Narendra Modi, Minister of Economic Development of the Russian Federation Alexei Ulyukayev signed a memorandum of understanding between the Ministry of Economic Development of the Russian Federation and the Ministry of Commerce and Industry of India on the expansion of bilateral trade and economic cooperation.
On the Indian side, the document was signed by Ambassador Extraordinary and Plenipotentiary of India to Russia Pankaj Saran.
The document states that the parties intend to strengthen bilateral trade and economic cooperation within the established mechanisms of the intergovernmental commission. The parties will regularly exchange information about bilateral trade and economic collaboration, progress in the implementation of joint projects, and possible government support measures for strengthening bilateral trade.
In addition, the parties will facilitate the exchange of information about technical regulations (SPS requirements) and standards and procedures for compliance assessment. They will also investigate the possibility of holding consultations on issues related to sanitary, veterinary, and phytosanitary control and technical barriers to trade.
According to the document, the Russian and Indian authorities will offer support for the expansion of collaboration to hold exhibitions, fairs, seminars, roundtables, and other events to promote trade and economic ties. Additionally, they will facilitate the organization of business meetings and help to expand areas of cooperation directed towards increasing trade in agricultural goods and the establishment of mutual business contacts.
The memorandum also states that the parties will collaborate at the World Trade Organization on issues and initiatives of mutual interest.
Source: http://economy.gov.ru/ (Russian)
