Prime Minister Manmohan Singh today welcomed Russia's entry into the WTO even as he voiced concern over the current Indo-Russian trade volume of USD nine billion being far below its potential.

While addressing the CEOs of Captains of Russian and Indian industry in Moscow today, Dr. Singh also said that India was keen to enter into a Comprehensive Economic Partnership Agreement with the Customs Union comprising Russia, Belarus and Kazakhstan adding that it has already decided to set up a Joint Study Group in this regard.

The Prime Minister said that at a time of a global economic slowdown, when traditional engines of growth are in difficulty, the Indian and Russian economies can be natural partners in reviving growth, creating infrastructure and generating surpluses. He said that there is great opportunity for a substantially increasing the scope of Indo-Russia economic relations Meanwhile, Indian Navy is all set to receive a major boost when the much-awaited Akula-II class 'Nerpa' nuclear attack submarine would be handed over by Russia this month end on a 10-year lease.

Chief of the Federal Service for Military-Technical Cooperation with the foreign countries Mikhail Dmitriyev while talking to media persons in Moscow today said that efforts would be made to make the deliveries by the year end.

The submarine capable of remaining underwater for months will be rechristened as 'INS Chakra' and it would be for the first time in more than two decades that the Indian Navy would have a nuclear attack submarine.

The Akula-II class submarines are equipped with 28 nuclear-capable cruise missiles with a striking range of 3,000 km.

The Indian version is reportedly expected to be armed with the 300-km Club nuclear-capable missiles.