(Xinhua)
Updated: 2008-02-14 09:31

NEW DELHI - India and Russia Wednesday announced the setting up of a joint task force to ensure greater and smoother flow of trade and investment between the two countries.

The task force, which will be headed by the trade ministers of both countries, will also seek to solve issues in bilateral trade.

"The joint task force set up by both governments will ensure greater business take place between the countries," India's Commerce and Industry Minister Kamal Nath said.

Russian Prime Minister Victor Zubkov, who arrived here Tuesday morning on a two-day official visit, held talks with Indian Prime Minister Manmohan Singh Tuesday.

The two countries pledged to double trade to 10 billion US dollars by 2010 from the current 5 billion US dollars.

The two sides, represented by Kamal Nath and Russian Minister of Economic Development and Trade Elvira Nabiullina, also signed a protocol agreement to cooperate in areas of mutual interest Wednesday.

"Both India and Russia have agreed to cooperate in traditional as well as new areas like energy, oil and gas, transport, pharmacy, steel, mining, health and tourism," Nabiullina said.

The two countries also decided to form an India-Russia CEO Council with 10 top CEOs from each country.

The council will have similar aims as the task force in ensuring greater bilateral trade and investments.