Russia and India Sign Agreement to Work Closer Together Economically

In an attempt to work closer together after years of cool relations, Russia and India signed a pact concerning economic trade and cooperation.

A major deal involved building of nuclear reactors by Russia for India to use for energy.

“The signing of the agreement on civil nuclear cooperation with Russia marks a new milestone in the history of our cooperation in the field of nuclear energy,” Indian Prime Minister Manmohan Singh said in New Delhi after talks with Russian President Dmitry Medvedev.

The two countries have a goal of increasing trade to about $10 billion by 2010, while working on improving relations that have been strained since the collapse of the Soviet Union.

In reference to military related items, the two countries signed deals for the sale of 80 helicopters to India, worth over $1 billion according to the state arms selling agent and CEO of Rosoboronexport, Anatoly Isaikin.

Russian President Dmitry Medvedev, said he hopes to extend the accord to 10 years, while working with India to develop and produce missiles and aircraft jointly.

Other partnerships would include working together on metals, space, machine building, pharmaceuticals, nuclear powered submarines, biotechnology and information technology.