Alrosa and MMTC Cooperation Following Russian/Indian WTO Accord
February 07, 06 by IDEX Online Staff Reporter
An agreement has been signed between Russia and India at the conclusion of bilateral talks on Russia joining the World Trade Organization (WTO). As a result of the talks, state owned diamond miner Alrosa and the MMTC, the country's largest precious metals and gems importer, plan to instigate direct contacts.
The agreement was signed in New Delhi on Monday by German Gref, the Russian economic development and trade minister and by Kamal Nath, the Indian commerce and industry minister. Nath was quoted by Prime-Tass as saying that India hopes that Russia will soon join the WTO and that the two countries will continue their cooperation, reports Itar-Tass.
India and Russia have agreed to increase their trade turnover to $10 billion within five years. To do so, the two countries have decided to establish a joint group to examine the feasibility of entering into a comprehensive economic cooperation pact, reports Business Standard.
Business Standard reports that Nath urged the Gref to accelerate the decision agreed by both sides for the inclusion of MMTC in the list of regular participants for auctions and tenders of rough diamonds by Alrosa.
