India, Russia target $20 billion trade by 2015

New Delhi, August 1, 2010 (Calcutta Tube) India is targeting to increase its trade with Russia to $20 billion by 2015 from the current $4.54 billion, as the two countries seek greater cooperation in pharmaceutical, technology, agriculture and automobile sectors, said Commerce and Industry Minister Anand Sharma.

The current level of bilateral trade does not reflect true potential and both sides have agreed to increase it to $20 billion by 2015, Sharma said after meeting his Russian counterpart Victor B. Khristenko.

He asked Russia to open up sectors like bovine meat, animal products and pharmaceuticals.

Expressing satisfaction over the bilateral discussions for allocation of rough diamonds to India through long-term arrangements and opening of office of Alrosa in India, Sharma said cooperation in these sectors would beneficial for both the countries and boost the bilateral trade.

‘It would also be a step towards stability in world diamond market,’ he said, according to a statement released here Thursday.

Sharma underlined India’s keen interest in increasing the volume of trade in pharmaceutical products through joint ventures.

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