25th meeting of the India-Russia Inter-Governmental Commission
Denis Manturov chairs the 25th meeting of the India-Russia Inter-Governmental Commission
Denis Manturov chairs the 25th meeting of the India-Russia Inter-Governmental Commission
Denis Manturov chairs the 25th meeting of the India-Russia Inter-Governmental Commission
Denis Manturov chairs the 25th meeting of the India-Russia Inter-Governmental Commission
Following the meeting, Denis Manturov and the Foreign Minister of India signed the minutes of the India-Russia Inter-Governmental Commission’s 25th meeting
Following the meeting, Denis Manturov and the Foreign Minister of India signed the minutes of the India-Russia Inter-Governmental Commission’s 25th meeting
25th meeting of the India-Russia Inter-Governmental Commission
First Deputy Prime Minister Denis Manturov and Minister of External Affairs of the Republic of India Subrahmanyam Jaishankar have co-chaired the 25th meeting of the India-Russia Inter-Governmental Commission on Trade, Economic, Scientific, Technical and Cultural Cooperation.
Bilateral trade increased by a factor of five over the past five years, and grew by another nine percent in the first eight months of this year.
“Importantly, this growth went hand in hand with an effort to diversify our mutual trade at a structural level. Apart from the usual energy and mineral fertiliser supplies, Russia has expanded its food exports, primarily for sunflower and soybean oil. As for imports, apart from agricultural products, we buy industrial hardware from India, as well as parts, medical drugs and their substances. Our goal is to further expand our trade to include new products and sectors with the view to removing trade imbalances. This objective will find its way into the economic cooperation development programme until 2030,” Denis Manturov pointed out.
The First Deputy Prime Minister went on to confirm Russia’s commitment to having the Eurasian Economic Union sign a Free Trade Agreement with India, as well as a bilateral agreement on services and investment. In addition to this, Denis Manturov highlighted the importance of expanding cooperation between Russian and Indian banks, considering that the share of transactions in national and alternative currencies has almost reached 90 percent.
“It is equally important that we coordinate our efforts in the transport sector. Russia is interested in having more direct flights between our two countries. Today, only Aeroflot, a Russian carrier, serves this purpose by operating 12 regular flights per week. We hope that there will be more flights and destinations, and that Indian carriers will also resume their flights,” Russia’s First Deputy Prime Minister pointed out.
The two delegations paid special attention to stepping up bilateral cooperation in energy, engine manufacturing and microelectronics, as well as chemistry, metallurgy, digital technology, railway engineering, as well as in space exploration. “We see a lot of opportunities for offering more equipment and parts for Gaganyaan – India’s Human Spaceflight Programme. Satellite navigation projects have also reached an advanced stage in their development,” Denis Manturov said.
The meeting’s agenda also included humanitarian cooperation, including in education. Denis Manturov emphasised the importance of streamlining procedures for the mutual recognition of diplomas and academic degrees. In addition to this, the two sides are working on using Russian vocational training programmes to train Indian specialists and offering them a pathway to getting jobs in Russian companies.
The commission also discussed Russia-India cooperation in culture and tourism. Denis Manturov talked about the need to step up bilateral cooperation in the travel industry and establish a dedicated working group within the Inter-Governmental Commission to this effect.
Following the meeting, Denis Manturov and Foreign Minister of India signed the minutes of the India-Russia Inter-Governmental Commission’s 25th meeting.
Denis Manturov also had a meeting with Minister for Finance and Corporate Affairs Nirmala Sitharaman to discuss intra-bank cooperation, as well as lending and financial matters, and opportunities
for signing an intergovernmental agreement on investment protection and facilitation.
