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India's trade with CIS nations to reach US$30b, says group
Publication Date : 06-09-2012
The Federation of Indian Export Organisations (Fieo) has expressed confidence that trade with Commonwealth of Independent States (CIS) countries would touch US$30 billion by 2020 from $12 billion in 2011-2012.
The view was expressed by Fieo at an interactive session held here today with ambassadors and senior diplomats of CIS countries.
Reiterating the trade potential and the market opportunities in CIS countries, director general & CEO of Fieo Ajay Sahai, said pharmaceuticals, drugs, engineering goods, petroleum products, wood and furniture products, IT & ITES services, will play a key role to strengthen trade between India and CIS.
To achieve the trade target, Sahai said exporters should also take advantage of the focus market schemes under which four per cent additional benefits are given to seven countries and three per cent additional benefits to nine countries in the CIS region.
The session was attended, among others, by Irina A Orolbaeva, ambassador of Kyrgyzstan & dean of CIS & Eurasia and Ajay Bisaria, joint secretary, ministry of external affairs.
Bisaria said there is a need to look at Eurasia as the next front for trade growth. He also pointed out issues relating to connectivity, visa regime, etc., which needs to be looked at to further improve the trade ties between India and CIS countries.
Orolbaeva said CIS countries should be taken as a potential market by Indian exporters as most countries such as France, Italy and China have already invested in the areas of construction, infrastructure and setting up the units in their economic zones for taking tax benefits.
With regard to visa, it said the government has worked out a plan with the Russian government.