India, Russia focusing on new trade areas

India and Russia are focusing on new areas of trade like auto-components, information technology, agro and food processing, telecom, bio-technology and management education to achieve 10 billion U.S. dolars bilateral trade by 2010, Minister of Commerce and Industry Kamal Nath said Thursday.

While speaking at a business dinner meeting with visiting Russian Prime Minister Mikhail Fradkov, he said this would mean a five-fold jump from the present 2 billion U.S. dollars.

"A decline in traditional items of Indian export to Russia like tea, tobacco, readymade garments require attention if we are to leapfrog in bridging the deficiencies in our trade," Kamal Nath said.

"Procurement of rough diamonds from Russia for our diamond cutting and polishing industry is an area to which we look forward, " he said.

"A Memorandum of Understanding on cooperation was signed last month between India and Russia that mandates setting up of a Joint Study Group to prepare an action plan within this year for achieving the desired increase in bilateral trade," Nath said.

Source: Xinhua