Suresh Prabhu, Minister of Commerce and Industry, Government of India recently attended the Shanghai Cooperation Organization Meeting of the Ministers of Member States responsible for Foreign Economic and Foreign Trade.
This year, India and Russia celebrated their 70th anniversary of Indo-Russian diplomatic relations. In addition to this, India also became a full member of the Shanghai Cooperation Organization in June 2017. In this background, Suresh Prabhu, Minister of Commerce and Industry, Government of India recently attended the Shanghai Cooperation Organization Meeting of the Ministers of Member States responsible for Foreign Economic and Foreign Trade in Russia. The minister also held bilateral meetings during his visit and met various dignitaries in the process.
One such prominent discussion was with Member of Board (Minister) for Trade of the Eurasian Economic Commission (EaEC), Veronika Nikishina. In this meeting, Prabhu initiated negotiations of the Free Trade Agreement between India and the Eurasian Economic Commission, as well as the potential and opportunities for increasing trade cooperation.
Next, a Round Table interaction along with 30 of Russia’s leading business leaders was also held. The participants in this session came from diverse sectors such as steel, engineering goods, railways, financial services, nuclear energy, agriculture, venture capitalists and trade promotion.
Plan of action
With such a huge platform for potential business prospects, it was no surprise that the minister shared with them new initiatives undertaken by the Government of India such as Ease of Doing Business, priority areas like financing in the nuclear energy sector, natural gas, railways, organizing Trade Fairs, etc to showcase India as a business friendly country.
A meeting with the Minister for Economic Development of the Russian Federation, Maxim Oreshkin also took place wherein the current level of bilateral trade relations between India and Russia was discussed and different ways were also considered for enhancing it.
Business opportunities in India’s fast growing economy were also discussed, especially in the field of manufacturing. Prabhu also addressed a gathering of Russian Small and Medium Enterprises and a select group of Russian investors. In addition to this, he also interacted with the Minister of Industry & Trade of the Russian Federation, Dennis Manturov.
With discussions and meetings in full swing, this indicates a good sign for strengthening ties between India-Russia and also attracting investment and collaborating in joint ventures under the ‘Make in India’ banner.