Indo-Russian trade ties need to improve: Menon

New Delhi, Nov 17 (PTI) India and Russia have steadily
deepened their relationship but much needs to be done to
improve trade ties to exploit their true potential, Foreign
Secretary Shivshankar Menon said here Monday.

"Bilateral trade was close to five billion dollars
last year. It is positive, but that is not enough. Clearly, we
would like more," he said delivering the keynote address at a
seminar on Indo-Russian cooperation organised by the Observer
Research Foundation.

Menon stressed that despite strong bilateral ties
across the spectrum, there is a lot that needs to be done to
scale up trade and investment between the two countries.

He noted that ties in the banking sector have improved
with some Russian banks also operating from India.

There is an "ever-increasing congruence" on global
issues between the two countries, Menon said adding that
Russia was an important strategic partner of India in several
areas, including defence, energy, hydrocarbons, nuclear,
science and technology and space.

"Russia is already a major partner in our nuclear
energy programme building two nuclear power reactors at
Koodankulam and we hope to expand this programme very soon,"
Menon said.

"We have done all the preparatory work," he said
referring to the nuclear cooperation agreement the two
countries are expected to sign during the visit of President
Dmitry Medvedev next month.

Under the agreement, initialed earlier this year, Russia
will build four additional reactors at Koodankulam in Tamil
Nadu.

The agreement was in the works for quite sometime and
Russia was waiting for India to sign the safeguards agreement
with the I.A.E.A. and secure a waiver from the N.S.G.
guidelines to participate in global nuclear trade.

Menon thanked Russia for supporting India at I.A.E.A. and
the N.S.G. that facilitated New Delhi's re-entry in the world
of global civil nuclear commerce after 30 years.

He termed relations between India and Russia as unique
that have "stood the test of time".

The two countries have steadily deepened their ties
despite shifts in international power relations and in their
relations with other countries, he said.

"When we look at the situation in Afghanistan and the
sources of that problem in Pakistan. I think we have very
similar and identical line on how it has to be dealt with,"
Menon said.

"Our strategic partnership extends to all areas of
endeavour," Menon said, adding that he was optimistic about
the future of India-Russia relations. PTI SKU
PMR
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