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Union Minister Sarbananda Sonowal stated that the bilateral trade between India and Russia reached $50 bn in the last financial year and is anticipated to increase. Speaking at a conference on the 'Operationalising Eastern Maritime Corridor,' Sonowal highlighted the potential for trade growth, especially along the Eastern Maritime Corridor connecting India's east coast ports with Russia's Far East region.
Sonowal welcomed a Moscow delegation led by A Yu Bobrakov, Deputy Minister for the Development of the Far East and the Arctic of the Russian Federation. Emphasising the strong India-Russia partnership, he noted ongoing interactions at various levels, with Prime Minister Modi engaging in telephonic conversations with President Putin.
While the specific expected trade growth figures were not disclosed, Sonowal expressed optimism about the multi-faceted partnership, including military, security, science, and technology cooperation. He emphasised the strategic importance of the Eastern Maritime Corridor, which significantly reduces cargo transport time and distance between India and Far East Russia.
The minister provided examples, stating that the corridor could cut the distance between Chennai Port and Vladivostok Port by 5,608 km compared to the Western Sea Route via the Suez Canal. This reduction in distance and time would contribute to cost savings and increased efficiency in cargo transportation, benefiting both nations.
Sonowal highlighted the corridor's potential for trading commodities such as coking coal, oil, fertilisers, containers, and liquefied natural gas. He expressed confidence in deepening maritime cooperation between the two countries, suggesting possibilities like Indian seafarers receiving training in Russia for polar voyages and the construction of Russian ice-breakers in Indian shipyards.
Deputy Minister Bobrakov acknowledged over $130 bn in investments in Russia's oil and gas sectors and underscored Russia's view of India as a strategic partner. Chennai Port Authority Chairperson Sunil Paliwal added that the Eastern Maritime Corridor would not only reduce shipping costs and time but also create new opportunities for business growth.
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