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India agrees to Russia joining WTO

Special Correspondent

A joint study group to study the feasibility of the agreement

New Delhi: India has consented to Russia's accession to the World Trade Organisation (WTO) by signing a bilateral accession protocol with that country. The two countries have also set up a joint study group to consider the prospects of concluding a Comprehensive Economic Cooperation Agreement (CECA) as well as to reverse the declining trend of bilateral trade and raise the trade turnover to $10 billion by 2010.

Russia has to enter into a separate agreement with each of the 149 member countries of the WTO before it can become a member of this international trade body. Speaking to reporters after signing the protocol between India and Russia, Commerce and Industry Minister Kamal Nath said both sides would carry forward their existing cooperation at the multilateral trade forum for mutual benefit. Russian Economic and Trade Minister German Gref signed on behalf of his country.

Concessions

Among the concessions that Russia has made in the agreement is to give Geographical Indications (GIs) to Darjeeling tea, Alphonso mango and Basmati rice though formal agreements on these issues would be concluded later at the inter-governmental level.

A memorandum of understanding, also signed on Monday by the two sides, provides for setting up a joint study group to study the feasibility of a Comprehensive Economic Cooperation Agreement as well as to finalise a roadmap to reach the target of $10 billion of bilateral trade turnover by 2010.

According to Mr. Kamal Nath, the economic component of the bilateral ties has strengthened in view of the decline in exports from $900 million to $650 million. He said a trade forum would also be set up to monitor the progress being made on the trade targets.

Earlier, the two ministers held talks on trade issues where Mr. Kamal Nath sought early finalisation and signing of the draft inter-governmental agreement regarding higher offtake of Indian tobacco by Russia through the purchase of cigarettes and tobacco. He also urged Mr. Gref to facilitate setting up of joint ventures between Indian tea companies and Russian business houses to augment the export of quality tea from this country.

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