India Fully Supports Russia’s WTO Bid

India Fully Supports Russia’s WTO Bid

03.12.2004
MosNews


India has recognized Russia as a country with a market economy and gave its full support to Russia’s bid to join the World Trade Organization on Friday, Dec. 3. This took place during Russian President Putin’s visit to New Delhi, where he held wide-ranging talks with Indian Prime Minister Manmohan Singh.

During the visit Russia and India signed a joint declaration and eleven agreements and memorandums of understanding aiming to strengthen bilateral cooperation in banking, energy, space exploration, navigation and visa sectors.

Additional cooperation agreements were signed between Indian companies and Russia’s Gazprom, Lukoil, pipeline construction company Stroytransgaz, Savings Bank of Russia (Sberbank), Foreign Economy Bank (Vnesheconombank) and Russian Export-Import Bank (Roseximbank).

At a joint press conference held after the accord signing ceremony, Singh said India would fully support Russia’s entry into the World Trade Organisation (WTO) and will also fulfill the commitment made by former prime minister Atal Bihari Vajpayee that New Delhi would designate Russia as a market economy.

Describing his talks with the Indian prime minister as “very productive”, Putin, who arrived to New Delhi early on Friday morning on a three-day official visit, thanked India for its “constructive approach” adopted with regard to Russia’s accession to the WTO.

The two leaders said their two countries would sort out within the next four months any differences they had over the signing of the Intellectual Property Rights Agreement on the patenting of weapons systems.