INDIA- RUSSIA Comprehensive Eco­nomic Cooperation

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INDIA- RUSSIA Comprehensive Eco­nomic Cooperation

 

The $20-billion (Rs 90,000 crore) Indian pharmaceutical industry constitutes 40 per cent exports.

Keeping this in mind, India and Russia expressed the political intent to move towards CECA.

$20 Billion Trade Target by 2015 :

India and Russia expressed a desire to move towards formalising a Comprehensive Eco­nomic Cooperation Agreement (CECA) in an attempt to expand trade and investment beyond the traditional strongholds of oil, gas and purchase of defence equipment. The development came during the bilateral meeting between the Union Minister of Commerce and Industry Anand Sharma and the Minister of Economic Development of the Russian Federation Elvira Nebullina at St. Petersburg.
The $20-billion (Rs 90,000 crore) Indian pharmaceutical industry constitutes 40 per cent exports. Keeping this in mind, India and Russia expressed the political intent to move towards CECA. Both the countries agreed that there was a need for broad-based business cooperation to achieve $20 billion trade target by 2015. In 2009-10, the two-way commerce stood at $4.54 billion. At the same time, India urged Russia to relax norms for market access in its pharmaceutical sector to Indian companies. He said considerable scope was available in both countries to enhance trade and investment in the pharmaceutical sector. The visiting Indian Minister outlined specific steps required to be taken in this direction such as, participating in the Pharma 2020 programme of Russia by setting up production units in Russia. 

Visa Issue

India has unilaterally eased the visa regime for Russian businessmen and tourists in an effort to promote exchanges The Indian Embassy In Moscow, as well as Indian Consulates in St. Petersburg and Vladivostok, has started issuing one-year instead of six-month business visas and six-month Instead of three-month tourist visas. Business visas now allow for triple or multiple entrY instead of single or double entry earlier and tourist visas provide for triple or multiple entry instead of single or double entry. etween the two countries.

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