Deputy Trade Representative Embassy of Russian Federation in India Mr. Evgeniy A Korshunov disclosed that Russian Fund was in offing to facilitate release of ceaseless Russian investments and its technologies into India in its core sector.
“A meeting to this effect is scheduled for 23 April, 2015 the Department of Industrial Policy and Promotion (DIPP) and Russian authorities”, he said without disclosing the details of the proposed fund.
He, however, added that the setting up of the suggested fund would lead to acceleration of the two way trade between India and Russia which is much below the potential of the two countries despite these have signed the strategic partnership agreements way back in 2000.
Meanwhile, Ministry of External Affairs has cautioned Indian exporters not to compromise on prescribed Sanitary and Phytosanitary (SPS) measures to avoid rejections of their export consignments of food and health related products to Russia even in the wake of sanctions, imposed against it by USA and European Union.
Speaking on a Conference on “Druzhba-Dosti: India’s Trade Opportunities with Russia” organized by PHD Chamber, Joint Secretary (ERS), Ministry of External Affairs Mr. Shambhu S Kumaran reminded the exporters that in the recent past a few of their export consignments away to Russia relating to food and health products were outright rejected by Russian authorities, noticing dilution of SPS standards.
Therefore, Indian exporters are well advised to focus on quality, quality, quality rather than looking for excuses to take advantages of sanctions against Russia in its exports so that they are not denied market access for their health and food products in market such as Russia”, said Mr. Kumaran.
Interaction, Information and Intermediation are the three key instruments to enhance bilateral economic relations between India and Russia. Interaction should be pro active and positive and look at the long term ties between the two. Development of a good ecosystem to enhance Intermediation between the two nations will also carry their existing bilateral relations to the next level, said Mr Kumaran.
On the occasion a paper was released on “Druzhba-Dosti: India’s Trade Opportunities with Russia”, according to which the bilateral trade between India and Russia could touch US$10 billiion by 2017 before scaling up at respective levels of US$20 billion and US$ 30 billion in 2022 and 2025 provided the ongoing bottlenecks in their trade basket are suitable addressed.