The Hindu : Front Page : Talks finalised for more Russian nuclear reactors

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Wednesday, Feb 13, 2008
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Talks finalised for more Russian nuclear reactors

Sandeep Dikshit and P.K. Bhardwaj

MoUs signed to promote defence ties, expand trade

Photo: V. Sudershan

HEARTY WELCOME: Prime Minister Manmohan Singh with his Russian counterpart, Victor Zubkov, in New Delhi on Tuesday. —

NEW DELHI: India and Russia have concluded negotiations for constructing additional nuclear reactors and resolved to double bilateral trade in three years. Both also signed two memoranda of understanding (MoU) on Tuesday for promoting defence ties and expanding trade.

“We have finalised negotiations in regard to reaching an agreement on cooperation in the construction of additional nuclear power plants in India. We [also] affirmed our commitment to build on our defence relations, which is an important pillar of our strategic partnership,” Prime Minister Manmohan Singh said after an interaction with the visiting Russian Prime Minister Victor Zubkov on Tuesday.

The two leaders made it clear that the pact on nuclear reactors would be inked and operationalised after the Nuclear Suppliers Group cleared India’s entry into the global civilian nuclear mainstream.

Russia proposed the agreement during Dr. Singh’s Moscow visit last November but India refused to sign it. Mr. Zubkov was sent by Russian President Vladimir Putin to give a fillip to ties, particularly trade.

A large business delegation is accompanying Mr. Zubkov.

On the trade front, a dismal performer in the India-Russia bilateral matrix, the two countries will consider the opening of markets through a Comprehensive Economic Cooperation Agreement to boost the trade to $10 billion by 2010.

“If we grow by 30 per cent per year, we might achieve the figure of $10 billion by 2010,” Mr. Zubkov said at a meeting of the India-Russia Forum on Trade and Investment (IRFTI), organised jointly by the FICCI and CII.

Mr. Zubkov discussed with Dr. Singh the potential to double bilateral trade within the next three years by enhancing cooperation in oil, gas, mining, technology, transport and energy.

He told the captains of Indian industry that Russian rupee debt funds were being utilised for the newly launched titanium project in Orissa. “We are investing Russian rupee debt in the Indian economy,” he said.

Joint task force

A joint task force was considering the Comprehensive Economic Cooperation Agreement between two of the four fastest growing BRIC (Brazil, Russia, India and China) economies. Russian Minister for Economic Development and Trade E. S. Nabiullina said it would study the economic arrangements between the two countries.

Commerce and Industry Minister Kamal Nath acknowledged that Russian firms were interested in several Indian sectors, including engineering, metallurgy, automobile, aircraft building and infrastructure development. “We are taking steps to build cooperation in titanium oxide production,” he said

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