India to discuss India-EEU FTA apart from greater market access for Indian drugs, metals, fertilizers and IT products and services
New Delhi: Ahead of Prime Minister Narendra Modi's visit to Russia, Commerce Minister Nirmala Sitharaman is set to prepare the grounds to renew trade and investment cooperation with Russia during her 3-day visit starting June 18.
Sitharaman will meet Russian trade and investments minister and the Russian finance minister to discuss the crucial steps to take forward the India-EEU free trade agreement. Talks have been on since 2013 on this crucial FTA. Commerce minister will renew talks to push for greater market access for Indian drugs, metals, fertilizers and IT products and services.
India and Russia are likely to sign an agreement on trade cooperation and both governments will be setting up a joint working group shortly.
Talks will also be held on the progress of the crucial International North South Transport Corridor which will connect Russia and Central Asia to India.
The Commerce Minister will also be pushing for joint ventures between Indian and Russian pharmaceutical companies to manufacture drugs in Russia.
Sitharaman is also meeting with Russian CEOs from companies like Sistema and Renova to take their feedbacks so as to facilitate their investment in India and pitch India as a manufacturing destination as part of the Make in India initiative.
Sitharaman is leading a CEO's delegation to Russia where India Inc is expected to enhance ties with their Russian counterparts as part of efforts to boost trade and investment.
She will be addressing the Russia-India Business Roundtable, which will be attended by Alexey Ulyukaev, Minister for Economic Development of the Russian Federation.
India-Russia two-way trade was $9.5 billion in 2014 with Indian exports at $3.2 billion and imports from Russia at $6.3 billion. India has invested a cumulative $8 billion in Russia, primarily in energy, while Russia has brought in $4 billion into India.