India, Russia cooperation pact on cards

India is exploring the possibility of a comprehensive economic cooperation agreement with Russia. This agreement could be similar to the one that India has with Singapore, senior officials said.

"The idea is at a very nebulous stage. We are looking at the possibility of setting up a joint study group for this purpose," they said.

Of late, India has announced that it would look at free trade agreements with a number of Asian economies. "We see these FTAs as the building blocks for the development of multi-lateral trade," senior PMO functionaries told Business Standard.