India, Russia trade to be $10 bn by 2010

India and Russia have signed an agreement to set up a joint mechanism aimed at increasing bilateral trade to $10 billion by 2010.

India and Russia have signed an agreement to set up a joint mechanism aimed at increasing bilateral trade to $10 billion by 2010, it was announced in New Delhi on Monday.

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As per the agreement signed by Commerce and Industry Minister Kamal Nath and his Russian counterpart German O Gref in St Petersburg, Russia, both the countries have decided to set up a joint task force (JTF) that will explore options and facilitate the smooth flow of goods and services between both the countries.

Both the countries have also agreed to discuss the probability of establishing a Comprehensive Economic Cooperation Agreement (CECA) to strengthen bilateral trade and ensure greater investment flows, said an official statement.

The JTF would also oversee the work done by the joint study group, which is currently on the verge of finalising a report that is looking into areas where trade between both the countries can be expanded.

It is also considering a list of recommendations for the Russian and Indian governments and business communities aimed at leveraging two-way trade.