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Russian Industrial Trade Fair INNOPROM 2016: India to be the Partner Country
Jul 04, 2015

India accepted the invitation extended by the Russian Government to participate as the Partner Country in the major Industrial Fair INNOPROM 2016 to be held at Yekaterinburg, Russia in July 2016. Minister of Commerce and Industry Nirmala Sitharaman recently led a strong delegation to the annual St. Petersburg International and Economic Forum (SPIEF).

♦ India is also likely to participate in the key handing over ceremony at Moscow later this year. 

   Both sides held bilateral discussions and signed a Joint Statement for establishment of a Joint Study Group between India and the Eurasian Economic Union. 

♦ The Study Group will submit its report within a year regarding the feasibility of an FTA between India and the Eurasian Economic Union—Russian Federation, Kazakhstan and Belarus. 

♦ India is already negotiating the International North-South Transport Corridor Project (INSTC) with Russia to promote bilateral trade. 

♦ The project proposes greater movement across Nhava Sheva (Mumbai) through Bandar Abbas (Iran) to Astrakhan (Russia) and Baku (Azerbaijan). 

♦ India highlighted the importanceof this corridor to Russia and emphasizing the need for multinational access of Eurasian countries to this proposed route. 

♦ India also participated in the panel discussion on The Eurasian Economic Union: A new Compass in Global Economic Relations. 

♦ The issue of renewal of Bilateral Investment Promotion and Protection Agreement (BIPPA) between India and Russia also came up for discussion during her bilateral interactions.

♦ Both sides agreed that the present level of investment and trade between the two countries which is presently in the range of 11 billion dollar and 13 billion dollar is very low compared to the warm relationship between the two countries.

♦ It was agreed to take all necessary steps to ensure that the target of bilateral investment of 15 billion dollar.

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