Russia Deputy Prime Minister and Minister of Industry and Trade Denis Valentinovich Manturov. ANI.

New Delhi: “Russia is looking forward to intensifying negotiations on Free Trade Agreement (FTA) with India,” said Deputy Prime Minister and Minister of Industry and Trade Denis Valentinovich Manturov on Monday.

The Russian minister, who is on a two-day India visit, said Moscow is interested in a quality increase in trade.

“We are working on signing of Russia-India Bilateral Agreement for the Promotion and Protection of Investments,” Manturaov said while addressing the Russia-India Business Dialogue in New Delhi.

The event was organised jointly by the Federation of Indian Chambers of Commerce and Industry and Russia-India Business Council.

Also Read: WATCH: ‘Need to boost trade with India,’ says Russian Deputy PM on trade imbalances

To protect the principles of free trade with its partners, Russia has undertaken a set of effective measures, including import preferences and mechanism that guarantee the protection of investments will be in demand among Russian and Indian businessmen, Maturaov said.

He stated that India can become one of the key partners within the framework of the International North-South Transport Corridor (INSTC).

Notably, INSTC was agreed upon in 2000 and ratified in 2002 by India, Iran, and Russia, and trial runs were conducted in 2016.

“Also, we believe that it is important to expand direct air connectivity – this is a necessary condition for regular exchange of business delegations, an increase of mutual tourist flow,” he said.

The Russian trade minister also invited Indian business partners to visit the international industrial exhibition INNOPROM, which will take place on July 10-13 in the city of Ekaterinburg.

“And certainly we are expecting the Indian delegation at the St. Petersburg International Economic Forum this June and at the Eastern Economic Forum in Vladivostok in September,” he said.

With inputs from ANI

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