India and Belarus have set a trade target of USD 1 billion by 2018, besides agreeing to enhance cooperation in sectors including pharmaceuticals and energy.
This was decided during the Seventh Session of the India-Belarus Intergovernmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation held in Minsk on September 7.
Commerce and Industry Minister Nirmala Sitharaman and her counterpart Vitali Mikhailovich Vovk, Minister for Industry, co-chaired the meeting from Indian and Belarusian side, respectively.
During the meeting, it was agreed by both the sides that the present level of trade at USD 400 million doesn't reflect the true depth of engagement between the two countries, an official statement said today.
"It was agreed to set a target of USD 1 billion by 2018," it added.
Both sides noted the potential to step up cooperation in pharmaceuticals, mining machinery, energy, fertiliser and tourism sectors.
Sitharaman also called on President of Belarus Alexander Lukashenko and raised the issue being faced by Indian pharmaceutical companies exporting medicines to Belarus.
"The Belarusian President assured the Commerce and Industry Minister to address the concerns of Indian pharmaceutical companies operating in Belarus," it said.
Pharmaceuticals constitute the bulk of India's exports to Belarus, amounting to about USD 35 million per annum.
It was also agreed to form a Joint Working Group to discuss co-operation in healthcare and pharmaceuticals.
India and Belarus also discussed the issues relating to long-term contract for supply of potash fertilizers to India and possible equity participation of Indian fertilizer companies in Belarusian company producing Potash Fertilizer.
"In this connection, it was decided that an Indian government-led delegation would visit Belarus to discuss all issues relating to cooperation in potash fertilizer sector," it said.
It was also decided to form a Joint Working Group to promote tourism between the countries, it added.
Both the sides expressed satisfaction in successful supply of equipment by BHEL for the reconstruction of Grodno Power Plant-2 in Belarus and hoped for further participation of Indian companies in projects for the reconstruction of power facilities in Belarus.
The Belarus government has also agreed to facilitate participation of Indian companies for similar bids in Belarus in this sector, it added.
The two sides agreed to hold the next session of the Commission here in 2016.
During the visit of Indian President in June, India had offered Lines of Credit worth USD 100 million to Belarus and also accorded it the status of a free market economy.
