Russian Industrial Trade Fair Innoprom 2016! India accepted Russia’s invitation and confirmed that it will be a partner country at the ‘INNOPROM 2016’ industrial fair. The Industrial fair will be held at Yekaterinburg in July 2016.

Minister of State (Independent Charge) for Commerce and Industry Nirmala Sitharaman, who was in Russia on an official visit, conveyed this news to her counterpart Denis Manturov at a bilateral meeting held at St. Petersburg. India is also likely to participate in the key handing over ceremony at Moscow later this year.

Viktor Khristenko, Chairman of the Eurasian Economic Union, Mr.Denis Manturov, Minister of Industry and Trade and Mr. Andrey Slepnev, Member (Trade), Eurasian Economic Union. She signed a Joint Statement for the establishment of a Joint Study Group between India and the Eurasian Economic Union.

The Study Group will submit its report within a year regarding the feasibility of an FTA between India and the Eurasian Economic Union, viz. Russian Federation, Kazakhstan, and Belarus. India is already negotiating the International North-South Transport Corridor Project (INSTC) with Russia to promote bilateral trade.

During her visit to Russia, both sides agreed that the present level of investment and trade between the two countries can be increased from its current value of USD 13 billion and declared their intention to take all necessary steps to ensure that a target of bilateral investment of USD 15 billion each is achieved by 2025.