Trade With Russia and Other Nations

Press Release ID: 95598
Date: Mon, 06 May 2013
Ministry: Ministry of Commerce & Industry

Details of trade carried out between India and Russia/Costa Rica/Commonwealth/Gulf nations are given at Annexe-I

Details of trade carried out between India and Russia/Costa Rica/Commonwealth/Gulf nations  are given at Annexe-I.

It is the constant endeavor of the Government to enhance trade with our trade partners  for mutual benefit.  In this context, India has taken various initiatives like Comprehensive Economic Cooperation Agreements (CECA), Free Trade Agreements (FTA) Preferential Trade Agreements (PTA)  etc. with various countries.   India and Russia have agreed to achieve the Bilateral trade figure target  of US$ 20 billion by 2015. Similarly,  India and Canada have a shared desire to see the bilateral trade reach to US$ 15 billion by 2015.

A MoU has been signed between India and Costa Rica on 15th April, 2013 on economic cooperation between the two countries.  The salient features of the MoU  signed between India and Costa Rica are given at  Annexe-I.

India has signed 10 FTAs and 5 PTAs, which are already in force. Further, India is negotiating 17 FTAs, including review/expansion of some of the existing FTAs/PTAs.  In addition to these FTAs/PTAs, India is participating in the Regional Comprehensive Economic Partnership Agreement (RCEP) negotiations amongst the Association of South East Asia Nations (ASEAN) Member States and its six FTA Partners (Australia, China, India, Japan, South Korea and New Zealand).  The RCEP will cover trade in goods, trade in services, investment, economic and technical cooperation, intellectual property, competition, dispute settlement and other issues.

ANNEXE-I

Details of trade carried out between India and Russia/Costa Rica/Commonwealth/Gulf nations during  2010-11 to 2012-13 referred to in reply to part (a) of Lok Sabha Unstarred Question No.6390  to be answered on 06.05.2013.

(i) Export

Values in US $ Million
Region/Countries Apr-Mar,  2010 Apr-Mar  2011 Apr-Mar,  2012 Apr-Feb  2013(P)
Costa Rica 32.23 61.47 65.49 65.76
Russia 980.69 1,689.50 1,779.61 2,100.31
West Asia- GCC 30479.97 42476.57 45279.17 45552.88
Commonwealth Nations* 35311.66 48,988.36 63,592.40 57,134.61

(ii) Import

Values in US $ Million
Region/Countries  Apr-  Mar  2010 Apr-Mar  2011 Apr-Mar  2012 Apr-Feb  2013 (P)
Costa Rica 93.62 95.33 204.11 185.21
Russia 3,566.79 3,600.02 4,681.29 3,768.44
West Asia- GCC 53,497.43 74,915.28 100,223.46 98,256.81
Commonwealth Nations* 46645.91 53507.03 73301.28 62248.68

                     Source: DGCI&S, Kolkata P: Provisional

 * Fiji has been excluded as it was suspended from membership of Commonwealth since 1st September, 2009.

Salient features of MoU signed between India and Costa Rica  referred to in reply to part (d) of Lok Sabha Unstarred Question No.6390  to be answered on 6.05.2013.

                                            

  (i) The Parties shall take all appropriate measures within the framework of their respective laws and regulations to promote economic cooperation in priority sectors, technology transfer and further diversify the bilateral trade.

(ii) The Parties shall establish a Joint Economic and Trade Committee (JETCO-hereinafter referred to as the “Committee”.  The Committee will function as the primary forum for discussions and other promotional activities on trade and investment issues.

(iii) The Memorandum of Understanding shall enter into force after the Parties have exchanged written-notice confirming the completion of their respective applicable legal procedures.

(iv) The MoU shall remain in force unless terminated by either Party giving a ninety (90) days written-notice to the other Party.

This information was given by the Minister of State in the Ministry of Commerce and Industry, Dr. D. Purandeswari, in a written reply in the Lok Sabha today.

******

DS/RK


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