India has recently held bilateral talks with China and Russia with an aim to increase investment flows, boost economic growth and facilitate bilateral trade between India-China and India-Russia.
India-China strategic cooperation
India is scheduled to hold the 6th India-China Strategic Economic Dialogue (the Event) in New Delhi from 07-09-2019 to 09-09-2019 for enhancing bilateral practical cooperation. Various round table meetings would be held at the Event to discuss about facilitating bilateral trade and investment flows and to address relevant economic and commercial issues across various sectors such as infrastructure, energy, high-tech, resource conservation, pharmaceuticals and policy coordination and to further attend technical site visits.
This Event would be led by the National Institution for Transforming India (NITI Aayog), India, that designs strategic and long-term policies and programmes for the Government of India, and the National Development and Reforms Commission (NDRC), China, that formulates and implements strategies of national economic and social development for the People’s Republic of China.
India-Russia strategic partnership
India and Russia have recently held bilateral meetings to deepen the cooperation in the hydrocarbon sector for 2019-2024 in Moscow on 29-08-2019. The Minister of Petroleum and Natural Gas, and Minister of Steel of the Republic of India, Mr. D. Pradhan and the Minister of Energy of the Russian Federation, Mr. A. Novak discussed about the following ways to strengthen bilateral cooperation in the hydrocarbon sector:
1- Increased supply of liquefied natural gas (LNG) from Russia to India, so that India can transform itself into a gas-based economy.
2- Increased participation of public and private sector companies of Russia in development of gas pipeline networks and city gas distribution infrastructure in India, and augmentation of investments in Indian refining, petrochemical and associated sectors.
3- Collaboration of Indian and Russian companies for exploring possibility of LNG projects in the Arctic region and other joint projects in third countries in the energy sector.
4- Diversification of existing training and knowledge exchange programmes, joint research in energy sector, etc.
5- Potential agreements between India and Russia for supply of crude and fuel oil to Indian refineries.
6- Execution of 35 commercial documents between Russian and Indian companies, a few of which have been listed below:
- Memorandum of Understanding for the Manufacture and Assembly of Primary Trainer Aircraft, DAKSH between Yakovlev Design Bureau and Bharat Earth Movers Limited
- Memorandum of Understanding between Far Eastern Mining Company and the State Trading Corporation of India Ltd.
- Memorandum of Understanding between the Skolkovo Foundation and the Global Education and Leadership Foundation
Thus, these measures seem to portaray the sincere efforts of the Government of India to boost economic growth, increase bilateral trade and investment flows, and further, strengthen strategic bilateral cooperation with China and Russia.
Senior Legal Associate
The Indian Lawyer