NEW DELHI: India and Russia will be setting up a `Joint Task Force' to ensure implementation of various programmes aimed at taking the bilateral trade to $10 billion by 2010. Both nations will be exploring the feasibility of concluding the Comprehensive Economic Cooperation Agreement (CECA).

Union Commerce and Industry Minister Kamal Nath, who will be returning from Russia on Tuesday after completing his successful business trip, signed a `Statement of Understanding' with Russian Minister of Economic Development and Trade G. O. Gref at St. Petersburg on June 9.

The `Joint Task Force' will be monitoring the implementation of the programme recommended by the Joint Study Group (JSG) of the two nations intending to reach a bilateral trade of $10 billion by 2010.

The task force, set up between India and Russia in February 2006, will work on the objectives laid down by the JSG.

The programme aims at increasing the India-Russia bilateral trade through significant increase of mutual bilateral trade in a wide range of areas, particularly in goods and services, investment and economic cooperation.

Three meetings of JSG have already been held so far and the fourth meeting is scheduled for next month. The JSG is in the process of finalising a report that would analyse the current situation of bilateral trade and the prospects for expansion of trade and economic cooperation.

The report will contain a list of recommendations for the Russian and Indian Governments and business communities directed towards boosting bilateral trade and investment flows, and strengthening Indo-Russian relations in the economic sphere.

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