Mulayam, Chidambaram meet Yeltsin

Russian President Boris Yeltsin will pay an official visit to India in January.

This was revealed to Defence Minister Mulayam Singh Yadav who, along with Finance Minister P Chidambaram, are in Russia for a five-day visit.

"Indo-Russian relations have never been darkened by any problem," Yeltsin is reported to have told the Indian minister.

Mulayam Singh, for his part, expressed deep pleasure at Yeltsin's plan. ''We are looking forward to meeting you in our country,'' he said.

Besides the president, the visiting ministers also met Prime Minister Viktor Chernomyrdin and Defence Minister Igor Sergeev. Mulayam Singh and Sergeev have held talks on defence deals.

Meanwhile, Chidambaram discussed the working of the Indo-Russian Commission on Trade, Economic, Technology and Scientific Co-operation with the Russian premier.

It was decided the commission will hold its next session in Delhi on November 27. The discussion also observed that the trade turnover between the two countries totalled more than two billion dollars in 1996. The diversification of bilateral trade was also discussed in detail.

In a meeting with his counterpart, Chidambaram touched upon Russia's role in setting up an Asian Free Trade Association. The proposed association will aim at simplifying trade arrangements between member states. Russia, it was disclosed, agreed to allow opening up subsidiaries of leading Indian banks. In return, India will decide the issue of recognising guarantees of 10 Russian commercial banks in the country.

The two sides also agreed to complete by November 27 the negotiations for constructing a nuclear power plant in Koodangulam, Tamil Nadu.

UNI