India and Russia have expressed the political intent to move towards a Comprehensive Economic Cooperation Agreement. The development came during the bilateral meeting between the Union Minister of Commerce and Industry Mr. Anand Sharma and the Minister of Economic Development of the Russian Federation Elvira Nebullina at St Petersburg last evening. Mr Sharma said that the economic cooperation between the two nations must extend beyond government to government trade and investment. He added that the target of bilateral trade worth 20 billion US Dollars by 2015 can only be achieved through broad based extensive business cooperation. The two nations will also jointly set up a steel plant worth 9000 crore rupees near Bellary in Karnatka. India's largest iron ore producer National Mineral Development Corporation, NMDC and Russian steel maker OJSC Severstal will set up the plant which will have an initial capacity of two million tonnes a year, expandable to five million tonnes per annum. The two nations have also agreed to form six working groups under India Russia Working Group on Trade and Economic Cooperation, with Government and private participation on IT, Pharma, Banking and finance modernization, precision engineering and nano technology.