India, Russia to raise bilateral trade to $20 bnPrime Minister Manmohan Singh underlined the importance of India and Russia in sustaining global economic recovery and said the two countries have decided to take bilateral trade to a much higher level of USD 20 billion by 2015.

In a statement at the joint press interaction with Russian President Dmitry Medvedev, Singh identified energy, information technology, communications and pharma sectors as areas of mutual cooperation between the two countries and lauded greater participation of Moscow in expanding New Delhi's nuclear energy programme.
"India and Russia can play a significant role in ensuring that the process of global economic recovery is sustained, balanced and inclusive," he said.

"We have decided to set a trade target of USD 20 billion by 2015. We have identified energy, IT and communications and pharma as the new thrust areas for co-operation," Prime Minister said.

The trade between India and Russia stood at USD 7 billion in 2008. Indian export basket to Russia includes tobacco, tea, coffee, medicines, while it imports fertilizers, electrical machinery and aircraft equipment.

The Prime Minister said he attaches special importance to strengthening the economic dimensions of bilateral ties between the nations.