e-cigarette review NEWS: FACTBOX - India, Russia strike deals during Medvedev visit

Tuesday, December 21, 2010

FACTBOX - India, Russia strike deals during Medvedev visit

Russia's President Dmitry Medvedev (L) speaks with Indian Prime Minister Manmohan Singh after a signing of agreements ceremony in New Delhi December 21, 2010. REUTERS/B Mathur(Reuters) - India and Russia signed a series of defence, energy, trade and cultural agreements on Tuesday -- including a landmark deal to produce advanced "stealth" aircraft - during a visit by Russian President Dmitry Medvedev.
The deals announced were largely already known, and no financial figures were given, but the accords may go some way to satisfy those concerned about India too quickly cutting its close ties with its Cold War ally.
Following are details of some of the major agreements and memorandums of understanding signed:
FIFTH-GENERATION FIGHTER AIRCRAFT
India and Russia concluded an agreement for the design and development of what is expected to be 250-300 supersonic fighter aircraft over 10 years, reported to be worth around $35 billion.
The agreement, which will see state-run India's Hindustan Aeronautics Ltd work alongside Russia's Rosoboronexport, is expected to begin delivery of the fighter by 2017. The deal had first been discussed more than a year ago.
It is a boost for Indo-Russian defence ties, which date back to Soviet times, but have waned recently. Russia now competes with companies from the United States, France and other European countries to win contracts for new aircraft in one of the world's biggest defence markets.
NUCLEAR POWER
The two countries signed a deal to expand a Russian-built nuclear power plant in Kudankalum in southern India, involving discussions on the construction of a third and fourth reactor.
Russia is keen to continue supplying nuclear technology and expertise to India as the country plans to add 63,000 megawatts of nuclear power by 2032 to underpin its economic growth, but faces competition from French and U.S. suppliers.
Rosatom said it was planning to build 18 reactors across three sites in India, the head of the Russian firm, Sergei Kiriyenko, said.
HYDROCARBONS
Russia, the world's largest energy producer, signed an agreement with India to create an administrative framework for joint projects in the oil-gas sector, and agreed to increase hydrocarbon cooperation to allow smooth formation of public and private joint ventures in both countries.
India has been keen on Russia to invest in its hydrocarbon reserves and, in turn, increase its participation in Russian exploration as Asia's third-largest oil consumer seeks less dependence on imports.
India's state-run Oil and Natural Gas Corp is in talks with Russia's Bashneft about developments in the Arctic Trebs and Titov oilfields, and the company already has a stake in Russia's Sakhalin-1 oil and gas project in the Pacific.
PHARMACEUTICALS
India, considered the 'pharmacy of the world' for its market-leading position as a generic drug manufacturer, signed a memorandum of understanding with Russia on enhanced cooperation in the pharmaceutical sector, through joint ventures, joint research projects and knowledge exchanges.
Both countries had highlighted pharmaceuticals as a key sector of trade negotiations prior to Medvedev's arrival in Delhi, with India keen to leverage its global expertise, and Russia looking to lower its dependence on imported medicine.
VISAS
In a bid to increase people-to-people contacts and encourage cultural exchanges, the two countries signed a memorandum of understanding to simplify procedures for obtaining business and tourist visas for citizens of both countries.
The countries signed a second agreement on establishing a framework to check irregular migration.

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