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Last updated at: (Beijing Time) Thursday, December 05, 2002

India, Russia to Strengthen Economic Cooperation

India and Russia said here on Wednesday that they consider it "vitally important" to expand economic relations between the two countries in the context of strategic partnership.


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India and Russia said here on Wednesday that they consider it "vitally important" to expand economic relations between the two countries in the context of strategic partnership.

In a joint declaration signed here by visiting Russian President Vladimir Putin and Indian Prime Minister Atal Behari Vajpayee, both sides declared that, along with the political and strategic dimensions, effective cooperation in the economic and allied fields was at the core of the partnership.

Economic relations received special focus during talks between Vajpayee and Putin, who arrived here on Tuesday evening for a three-day state visit, the declaration said.

While progress was made in economic cooperation, it admitted that "the great inherent potential of economic cooperation is far from being fully realized and falls short of excellent political relations between the two countries."

The two leaders promised to give special focus and direction toupgrading bilateral economic relations.

While the business sector and the scientists and technologists of the two countries would be the leading participants, it added, the two governments would fulfill their key responsibility and sustain this process.

Official figures showed that trade between the two countries isfar from being satisfactory with two-way trade standing around 1.5billion US dollars a year.

The two sides agreed to take measures to create a favorable environment for bilateral investment and for its promotion and protection.

They also called for strengthening transportation links and infrastructure in different modes within and between the two countries in order to support increased flow of traffic in goods and services as well as tourism and travel.


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