India-Russia trade may touch 20$ bn by 2015

NEW DELHI: The bilateral trade between India and Russia is expected to touch USD 20 billion by 2015 on the back of increasing economic engagement between the countries.

Addressing industry chambers here, Russian Deputy Prime Minister Dmitry Rogozin said both the countries have potential to cross the USD 20 billion figure also.

Speaking at the occasion, Commerce and Industry Minister Anand Sharma said India provides huge business opportunities for the Russian industry.

"The bilateral trade target is USD 20 billion by 2015. We have huge potential to increase cooperation," Sharma said.

In 2011-12, the bilateral trade between the countries stood at USD 6.40 billion.

Further, Rogozin ensured businessmen that the authorities and the government's of both the countries will do everything to protect their interests and increase economic relationship.

"We have huge potential to increase trade...for high trade we should have joint endeavour, joint manufacturing," Rogozin added.