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India Russia Agree for Setting up Joint Economic Study Group for India–CU CECA

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India Russia Agree for Setting up Joint Economic Study Group for India–CU CECA

New Delhi 27 Feb : India and Russia have agreed to a proposal for setting up a Joint Study Group for studying the scope of CECA (Comprehensive Economic Cooperation Agreement) with member-countries of the Customs Union viz Russian Federation, Kazakhstan and Belarus. This was conveyed in a meeting between The Union Minister of Commerce and Industry Shri Anand Sharma and Mr. Dmitry Rogozin, Deputy Prime Minister, Russia, here today. Keeping in view of the support of the Russian side on the idea of setting up a JSG for CECA between India and the CU, Russian side was requested to steer the process for CECA within the Eurasian Economic Commission.

Russian Side also conveyed the resolution of issues pertaining to market access of egg powder. They informed that Indian entities have started getting the nod for export of egg powder for the Custom Union Markets. During the India-Russia Working Group on Trade & Economic Cooperation (IRWGTEC) (10th – 11th September, 2013), the Russian side had stated that market access can be given if the Indian products meet the requirements and norms of the Custom Union. The Indian side responded that the products match the international standards and the Department is ready to receive a delegation of food and veterinary authorities to inspect the facilities. Today Russian side also assured to expeditiously resolve the issue of recognition of Government approved Indian labs for enabling export of bovine meat from India.

Both sides also reviewed the progress of identified ‘priority projects’. These projects include establishment of joint stock Indo- Russian enterprises for manufacturing light helicopters Ka-226T; establishment of joint stock Indo- Russian enterprises for manufacturing light helicopters Ka-226T; JSC United Aircraft Corporation preparation of participation in tender for Indian program to develop civil aircraft; plant construction for manufacturing butyl rubber with capacity of 100000 tons per year at the production site in Jamnagar. “Seeking to further strengthen the special and privileged strategic partnership and specifically to enhance the economic and investment cooperation between India and Russia on a bilateral basis, have identified investment projects and proposals for special attention”, said Shri Sharma.