New Delhi: Russia’s Deputy Prime Minister Denis Manturov on Monday arrived in New Delhi to co-chair the Intergovernmental Russian-Indian Commission, which is aimed at enhancing trade ties between the two countries, reported ANI.
“Denis Manturov arrived in the Republic of India on a working trip. On April 17, Deputy Prime Minister of the Russian Federation – Minister of Industry and Trade of the Russian Federation Denis Manturov arrived on a two-day working visit to the Republic of India, New Delhi,” tweeted the Russian Embassy in India.
On the first day, the co-chairs of the Intergovernmental Russian-Indian commission on trade, economic, scientific, technical and cultural cooperation will meet with the business representatives from both countries. https://t.co/ggyAhNsvVu
— Russia in India 🇷🇺 (@RusEmbIndia) April 17, 2023
Manturov will co-chair the 24th India-Russia Inter-governmental Commission on Trade, Economic, Scientific, Technological, and Cultural Cooperation (IRIGC-TEC) on the first day of his visit.
According to ANI, the IRIGC-TEC is the primary institutional mechanism in charge of monitoring economic cooperation. It integrates six working groups on economic and trade cooperation, modernisation and industrial cooperation, energy, tourism and culture, science and technology, and information and communication technology.
On Tuesday, the intergovernmental commission (IGC) will hold a plenary meeting, after which the co-chairs will sign the final protocol of the 24th IGC conference.
Both sides plan to discuss the issues of bilateral trade, and economic and humanitarian cooperation. Manturov will also hold a number of bilateral meetings, the Russian Embassy in India said in a tweet.
On second day, a plenary meeting of IGC will be held, following which co-chairs will sign final protocol of 24th IGC meeting.
The sides plan to discuss the issues of bilateral trade, economic & humanitarian cooperation. Mr Manturov will also hold a number of bilateral meetings. https://t.co/j803yKk2Pr
— Russia in India 🇷🇺 (@RusEmbIndia) April 17, 2023
A variety of institutionalised channels for the growth of economic cooperation between the two countries have been established. IRIGC-TEC is the government’s major institution.
External Affairs Minister S Jaishankar and Manturov co-chaired the IRIGC-TEC virtual conference last month.
Jaishankar and Manturov reviewed the progress made in the various Working Groups and Sub-Group Meetings under the IRIGC-TEC framework since their meeting in Moscow in November 2022, and provided guidance to prepare the ground for the next IRIGC-TEC in-person meeting, which will be held in New Delhi on mutually convenient dates, reported ANI.
The Inter-governmental Commission was established by an Agreement on Inter-governmental Commission on Trade, Economic, Scientific, and Technological Cooperation signed in May 1992 as a mechanism for regularly monitoring bilateral progress across the sectors of trade and economic cooperation between the two countries.
On September 14, 2018, the IRIGC convened its 23rd Session in Moscow. India will host the 24th IRIGC-TEC meeting, and today’s review meeting will prepare the path for that, according to ANI.
According to Indian data, as reported by ANI, bilateral trade was USD 8.1 billion between April 2020 and March 2021. Indian exports totaled USD 2.6 billion, while Russian imports totaled USD 5.48 billion. According to Russian estimates, bilateral trade totaled USD 9.31 billion during the same time, with Indian exports being USD 3.48 billion and imports totaling USD 5.83 billion.
With inputs from agencies
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