Russian-Indian energy trade ties to deepen

NEW DELHI, Oct. 1 (UPI) -- India and Russia have agreed to increase their bilateral trade to include energy, seeking to expand it to $15 billion by 2012.

The Press Trust of India reported Thursday that Commerce and Industry Minister of India Anand Sharma, who is visiting Russia, has commented that the two countries need to diversify their bilateral trade beyond "just commodity" trading to high-level investments in the energy, pharmaceuticals, information technology and agricultural processing sectors as well. It is an ambitious target, as in 2008 Indian-Russian bilateral reached $7 billion, with armaments purchases forming a significant element in the trade, as 80 percent of India's weapons supplied by Russia. Since 1960 India has bought more than $30 billion of Soviet and Russian arms.

While in Moscow Sharma has met with Russian Prime Minister Vladimir Putin, Russian Minister for Economic Development Elvira Nabiullina and Industry and Trade Minister Viktor Khristenko. Following his discussion with Sharma Khristenko stated that he would visit India in December.