I would like to begin by conveying to the Government and people of Russia the deepest condolences on behalf of the Government and people of India on the most tragic incident which took place in Perm and to join them in their mourning today. Our thoughts are with the friends and families of the bereaved.

I thank His Excellency President Medvedev and the people of Russia for the warm hospitality extended to me. This is my second visit to Russia in six months and I am delighted to be back again.

Relations between India and Russia are characterised by deep mutual trust and confidence. They are based on shared interests and common perceptions on global issues. Russia is a major global power and a factor of peace and stability in the international system. India accords the highest priority to its relations with Russia. This is a relationship that stands on its own footing and is not influenced by our relations with any other country.

I am most satisfied with our discussions today, and my discussions with the President at the dinner he kindly hosted for me last night.

I conveyed to President Medvedev the special importance we attach to strengthening the economic dimension of our ties. We expect the India-Russia CEO's Council to play a much bigger role in realising this objective. I will be meeting the members of the Council later today together with Prime Minister Putin. We have decided to set a trade target of 20 billion US dollars by 2015. We have identified the areas of energy, Information Technology and Communications, and pharmaceuticals as the new thrust areas for cooperation.

We welcome greater Russian participation in the expansion of our nuclear energy programme.

The successful conclusion of negotiations on an Intergovernmental Agreement on Cooperation in the Peaceful Uses of Atomic Energy is a major step forward in strengthening our existing cooperation in this field.

I reiterated to President Medvedev our keen interest to similarly expand our cooperation in the hydrocarbon sector. Given India's energy needs, and the world class capabilities of Indian companies in the oil and gas sector, this is an area of vast untapped potential. I was most encouraged by the President's positive response to taking further concrete steps in this direction.

The Agreements that we have signed in the field of defence cooperation, in particular on the Programme for Military and Technical Cooperation for the period 2011 to 2020, will provide the basis for an intensive and broad based cooperation in this vital area.

We are grateful for the support given by the Government of Russia for the holding of the Year of India in Russia. We would like to build upon this by focussing on greater exchanges between our youth, institutions of higher learning, parliamentarians, business leaders, media, scientists and researchers.

We also discussed regional issues, including the situation in Afghanistan. Both India and Russia have an interest in a stable, prosperous and moderate Afghanistan, and we have agreed to regularly consult each other on this important issue.

We have also agreed to enhance our cooperation to meet the grave challenges of terrorism and religious extremism that emanate from our region and threaten both our societies.

We reviewed our collaboration in the United Nations and multilateral forums like the G-20. India and Russia can play a significant role in ensuring that the process of global economic recovery is sustained, balanced and inclusive. We have agreed to work towards a successful and comprehensive outcome at the climate change Conference in Copenhagen.

I have invited President Medvedev for the next Annual Summit in Delhi in 2010. We look forward to the visit of Prime Minister Putin next year.

These high level exchanges are a defining characteristic of our relations, and reflect the strong political commitment on both sides to continue to strengthen our Strategic Partnership.

Thank you.