- The Eighteenth Session of the India-Russia Inter-Governmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation (IRIGC-TEC) was held in New Delhi on October 15, 2012. The Indian side was led by the Minister of External Affairs and the Chairman of the Indian side of the Commission, H.E. Mr. S.M. Krishna. The Russian side was led by the Deputy Prime Minister of the Government of the Russian Federation and the Chairman of the Russian side of the Commission, H.E. Mr. D.O. Rogozin.
- During the meeting, the entire spectrum of India-Russia trade, economic, scientific, technological and cultural cooperation was reviewed. Both sides expressed optimism at the increase in bilateral trade turnover during the year. It was, however, acknowledged that the level of economic engagement was not commensurate with the potential which exists. The meeting was marked by a constructive approach towards resolving some outstanding concerns related to specific investments and projects. The main outcomes of the Inter-Governmental Commission (IGC) discussions are:
- It was agreed to carry forward the initial momentum gained from the newly constituted Working Group of Modernization and Industrial Cooperation. The focus of this new mechanism, which held its first meeting earlier this year, is to harness benefits from newer and innovative commercially-viable technologies.
- In addition to traditional sectors for bilateral trade and investment, newer arenas were identified for future growth and development. Some of these include civil aviation, infrastructure, audio-visual & entertainment services and micro, small & medium enterprises.
- The two sides agreed to bolster greater inter-regional cooperation between the two countries, encouraged by the recent successful visits from either side by official representatives and business communities of certain regions/States
- The conclusion of a long-term purchase agreements for LNG between Indian and Russian energy companies in the past one year indicates that further synergies can be achieved in the energy sector.
- With the conclusion of over 500 joint projects in the field of Science & Technology, this remains one of the important pillars of the IGC framework. The opening of the two India-Russia S&T Centres in Moscow and Gurgaon in the last year can contribute in a constructive manner to deepen this engagement.
- The next session of the IRIGC-TEC will be held in Moscow in 2013.
- DPM Rogozin visited India on 13-15 October 2012. He was accompanied by senior officials of the Russian Government and more than 80 business representatives. During his visit, DPM Rogozin called on the Prime Minister. He also co-chaired the 6th India-Russia Forum for Trade and Investments (Oct 15, New Delhi), an active B2B forum between the two countries, along with the Indian Co-chair, the Commerce, Industries and Textiles Minister H.E. Shri Anand Sharma.
- The interactions on October 15 also served to review the preparations for the forthcoming visit of the President of the Russian Federation, H. E. Mr. V.V. Putin to India for the 13th India-Russia Annual Summit.
October 16, 2012