India and Russia have agreed to give a further push to their efforts to achieve the bilateral trade target of 20 billion US dollars in five years time. While expressing satisfaction at the progress in cooperation in the civilian nuclear energy sector, the two sides decided to enhance cooperation in the hydrocarbon sector as well. The decisions were taken at the 16th Session of the India-Russia Inter-Governmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation which was held in New Delhi on Thursday. The two sides agreed on identifying new and innovative joint projects in priority areas of cooperation to achieve the economic targets set by them. The two sides agreed to strengthen their ties in IT, financial services, pharmaceuticals and hydrocarbon processing. They also decided to work in a proactive manner to finalize key agreements and MoUs in the economic sphere to be signed during the Russian President's visit to India next month.