Joint Report on Implementation of Steps Elaborated in the Joint Declaration of 2002 on Strengthening and Enhancing Economic, Scientific and Technological Cooperation between the Russian Federation and the Republic of India 12 November 2003

Wednesday, 12 November 2003 00:00
The Joint Declaration on Strengthening and Enhancing Economic, Scientific and Technological Cooperation,
signed on December 4, 2002, provided a broad framework and a roadmap for intensification of bilateral cooperation.
Para 20 of the Joint Declaration had acknowledged the essential coordinating and nodal role of Indo-Russian Inter-
Governmental Commission (IRIGC) in implementing its provisions and had decided that the IRIGC will set up a task
force to monitor the progress in implementation of the Declaration and to report at the next Summit meeting.

The Ninth session of the IRIGC was held in Moscow on May 15-16, 2003. Both sides have reviewed the
progress made in various spheres of bilateral trade and economiccooperation in the last one year and have the
following to report:

1) The Sides have taken steps to constitute the Joint Task Force which will study the issue of utilization of Rupee
debt fund payable to the Russian Federation for the credit of the former USSR and the Russian Federation for
investment in both countries and the issue of settlement of mutual financial obligations. The Joint Task Force is
expected to meet shortly.

2) Contacts between business organizations and financial institutions have expanded. Indian participation in
various international exhibitions in Russia has shown a significant increase. Visiting Indian trade delegations
represented a wide spectrum of products and services including automobile and components, leather goods, textiles,
IT and telecom, tourism, pharmaceuticals and tea and tobacco. Indian business delegations also visited several
regions of Russia. Contacts between Indian states and various regions of Russia have also accelerated. A Russian
business delegation participated in the engineering trade fair sponsored by the Confederation of Indian Industry
(CII). Russian companies in various regions have also confirmed their interest in participating in India International
Trade Fair 2003. The Joint Business Council was revived after a gap of six years and met in Moscow in February
2003. The revival of the Council shall play an important role in bridging the information gap and towards facilitating
business-to-business contacts.

3) An Indian delegation led by Hon’ble Minister of Shipping visited Russia and discussed means of strengthening
transportation links as well as facilitation of smooth operation and use of the North South Transport Corridor.

4) Progress has been recorded towards opening of a commercial bank in Russia by State Bank of India and
Canara Bank. The bank is likely to launch its commercial operations this year. Commercial banks of both the
countries have also been actively exploring possibilities of cooperation with the support of Reserve Bank of India and
Central Bank of Russia.

5) The Confederation of Indian Industry is to open its representative office in Moscow shortly. This office will play
an import role in intensifying the business-to-business dialogue.

6) Bilateral consular talks were held and both sides, inter alia, discussed means to address problems confronted
by businessmen in visiting each other’s country. The need for a mutually coordinated visa regime for the easy entry
of the business persons has been clearly established.

7) Regular sightings of rough diamonds have been held, leading to mutually beneficial results. Both sides have
been able to achieve a modest breakthrough. The Indian side has been reiterating its desire to conclude a long-term
supply arrangement for rough diamonds from Russia

8) A delegation of Russian experts has been invited to visit India to see the epizootic situation in respect of animal
contagious diseases and to come to an agreement about Russian veterinary requirements to be fulfilled by the Indian
side.

9) There has been encouraging utilization of line of credit extended by Exim Bank of India.

10) The Russian side has identified nodal agencies for initiating dialogue with their Indian counterparts for
cooperation in the field of small and medium enterprises. The Indian side has reiterated its desire to ease the
registration procedures for drugs and pharmaceuticals for their enhanced sales in the Russian market.

11) Both sides have continued to review progress of Sakhalin-I and Kudankulam projects.

12) Russian companies are now actively participating in execution of infrastructural projects including road and
pipeline construction and exploration and operation of oil and gas fields.

13) In the field of science and technology both sides have made progress towards implementation of important
projects relating to setting up of Indo-Russian Centers for Gas Hydrates and for Earthquake Research. Signing
of the Protocol on protection and utilization of intellectual property rights to the Inter-Governmental Agreement on
Scientific and Technological Cooperation has provide a considerable impetus for commercialization of technology

and technology transfer.

14) The Sides noted the need to improve interaction and information exchange between the Customs authorities
of both the countries in order to address the issue of discrepancy between Russian and Indian trade statistics.

15) The Sides stressed the necessity to improve the interaction between the institutions of both the countries in the
field of insurance, standardization and certification in trade and investment.

16) Both sides are continuing their consultation to address Russian concerns at anti-dumping investigations by
Indian authorities in respect of Russian producers under non-market category. India has reaffirmed its support for
early accession of Russia to the World Trade Organisation (WTO) and offered regular consultations on all matters
relating to WTO accession and bilateral trade policies.

17) The Sides continue to discuss the issues of interaction between the two countries n the field of economic and
scientific cooperation within the framework of the Inter-governmental commission on Trade, Economic, Scientific,
Technological and Cultural Cooperation.

On behalf of the Russian Side of the IRIGC

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On behalf of the Indian Side of the IRIGC

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The Kremlin, Moscow

12 November 2003

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