India and Russia, hoping to boost their trade and economic ties that remain below potential, despite decades-old strong political ties, today gave shape to joint “economic vision” package including possibility of joining a Customs Union in Eurasian region and increasing trade via Iran that will be unveiled when President Vladimir Putin visits India in December second week.
External Affairs Minister Sushma Swaraj and Russian Deputy Prime Minister Dmitri Rogozin held brainstorming session to finalise the joint “economic vision” package, sources indicated.
This was Rogozin’s second visit to India in five months since the BJP-led NDA government came to power. The two leaders met for the 20th India-Russian Inter-Governmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation (IRIGC-TEC).
Swaraj and Rogzin decided to set a Joint Study Group for the proposed agreement between India and the Customs Union of Belarus, Kazakhstan and the Russian Federation for trade in goods and services. Besides they also decided to increase bilateral trade through the International North South Corridor Project (INSTC) that runs through Iran particularly in agriculture and food processing industry.