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Press Statement by EAM after the meeting of the India-Russia Intergovernmental Commission on Trade, Economic, Scientific Technical and Cultural Cooperation

September 14, 2018

Your Excellency,
Mr. Yuri Borisov,
Deputy Prime Minister of the Russian Federation
Member of the Media

I am delighted to be in Moscow for the meeting of the India-Russia Intergovernmental Commission on Trade, Economic, Scientific Technical and Cultural Cooperation. I thank the Russian Government for the excellent arrangements made and warm hospitality extended to me and my delegation.

India and Russia enjoy a special and privileged strategic partnership. This partnership has strengthened over time and covers a vast agenda involving almost all sphere of human activity. India attaches the highest importance to its relations with Russia. The Deputy Prime Minister and I have conducted a comprehensive review of our relations. I am satisfied with the outcomes of our meeting. The Commission has met in the run up to the 19th India-Russia Annual Summit which is expected to be held in India early next month. Both sides are currently working to prepare for this summit.

In 2017 annual Trade between India and Russia has reached USD$10.17 billion. We discussed ways and means to increase this momentum, ensure balanced trade, and remove barriers to trade.

Two-way investments have already crossed the USD$30 billion target, which we had set for 2025. We have therefore proposed that we enhance this figure to USD$50 billion by 2025.

We discussed the possibilities of working together on projects in third countries. As a new dimension of our strategic partnership. There has been significant expansion in our cultural and tourism exchanges. A festival of India covering 22 cities over a six month period is currently underway in Russia. Tourism flows in both directions has shown impressive growth. We are working on further liberalising visa regulations on both sides. I welcome the initiative of the Russian Government to enable electronic visas for Indian nationals visiting the Russia far East.

Energy is the traditional area of cooperation. Earlier this year the first shipment of LNG from Russia arrived in India, in a new breakthrough of our energy partnership.

We have identified new areas of cooperation such as agriculture, infrastructure, transport and Science and Technology. We would like to expand our cooperation in the area of space.

We have agreed to organise the first ever India-Russia Business Summit involving major companies from both sides in early October in India.

I am confident that our deliberations today will further strengthen our cooperation with Russia in all fields in existing and new areas of cooperation.

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