India and Russia on Monday pitched for implementation of the International Monetary Fund (IMF) quota reforms latest by January to give more representation to the emerging economies in the multilateral institution.
“Russia and India stressed the necessity to create a more representative and legitimate international financial architecture. They agreed that the primary task in this connection was to complete the Fifteenth General Review of IMF Quotas not later than in January 2014," said a joint statement issued after a summit meeting between President Vladimir Putin and Prime Minister Manmohan Singh.
India has been maintaining that quota reforms are imperative to ensure IMF's credibility, legitimacy and effectiveness.
India currently has a voting share of 2.44 per cent in the Washington-based IMF. US has the highest voting share of 17.69 per cent.
The joint statement further said that the G20 policy coordination process should pay more attention to monetary policy to protect the international financial system and
prevent destabilisation of financial markets.
The two sides also stated that there were still numerous challenges relating to the growth of the world economy.
“They considered it necessary to boost multilateral cooperation in order to tackle these. They attach particular importance to the G20 as the primary forum for international economic cooperation,” the statement said.
Appreciating the outcome of the Saint Petersburg G20 Summit, the two sides underlined the need for implementation of the recommendations to speed up economic growth, fiscal consolidation, job creation and liberalisation of trade.
Both the sides expressed satisfaction at the record level of bilateral trade of over USD 11 billion reached in 2012.
They agreed that investment collaboration was an important component of economic cooperation, which could also help in increasing bilateral investment and trade.
The two nations welcomed identification of priority investment projects on both sides as an outcome of the first meeting of the India-Russia Working Group on Priority Investment Projects.
“The sides underlined the significant potential for cooperation in such sectors as oil and gas, pharmaceutical and medical industry, infrastructure, mining, automobiles, fertilisers, aviation, as well as in modernisation of industrial facilities located in the two countries,” the statement said.
The countries stressed the importance of the India-Russia Inter-Governmental Commission on trade, economic, scientific, technical and cultural cooperation (IGC) functioning as a key mechanism for developing bilateral interaction in the economic and investment fields.
The statement said they agreed to work towards the creation of a Joint Study Group for studying the possibility of signing a Comprehensive Economic Cooperation Agreement (CECA)