India and Russia are to double their bilateral trade in the next three years. Both the countries today said that there is a huge potential in both the countries to boost bilateral trade. Both traditional parternes target 20 billion dollars bilateral trade by 2015, which is about 10 billion dollars at present.

The matter was discussed during the meeting of External Affairs Minister S M Krishna and visiting Russian Deputy Prime Minister Dmitry Rogozin in New Delhi in the 18th India-Russia Inter-Governmental Commission meeting. An External Affairs Ministry statement says that the meeting was marked by a constructive approach towards resolving some outstanding concerns related to specific investments and projects. Both sides expressed optimism at the increase in bilateral trade turnover during the year. Both the sides agreed to carry forward the initial momentum gained from the newly constituted working group of modernisation and industrial cooperation.

The two countries also identified new sectors like civil aviation, infrastructure, audio-visual and entertainment services and MSME to increase cooperation.