India, Russia to explore CEPA

India and Russia have decided to explore signing a Comprehensive Economic Partnership Agreement that will include not only features of a foreign trade agreement but also trade in services and investment.

Commerce and Industry Minister Kamal Nath and Minister of Economic Development and Trade of the Russian Federation G O Gref have signed an agreement to this effect in St Petersburg last week, a release said on Monday.

Under the agreement, Joint Task Force would be set up to explore CCEA and boosting the bilateral trade to $10 billion by 2010.

The task force would review steps taken to boost trade since February 2006,

when Joint Study Group was set up for the purpose.

Three meetings of JSG have been held so far and the fourth meeting is scheduled for July.

The group 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 between Russia and India. It would also recommend steps for two governments and business communities to enhance trade and investment.