Significant cross-sector commercial relations exist between Russia and India, and both nations are currently working to operationalize the Eastern Maritime Corridor, a new trading route. The goal of the route is to increase trade in the energy and fertilizer sectors while drastically cutting logistics costs.
This year, bilateral commerce between Russia and India is predicted to reach USD 50 billion, according to Union Minister for Ports, Shipping, and Waterways Sarbananda Sonowal, who made the announcement here on Wednesday.
He stated that there is “immense potential” for the Eastern Maritime Corridor to open up new commercial routes between the ports on the east coast of India and the Far East area of Russia.
The minister was giving a speech at a conference on “Operationalizing Eastern Maritime Corridor,” which was also attended by a delegation from Moscow, which included A Yu Bobrakov, the Russian Federation’s deputy minister for the development of the Far East and the Arctic.
Sonowal greeted the visiting delegates and stated that the geopolitical interests, mutually beneficial collaboration, and strategic convergence form the foundation of a strong and solid partnership between India and Russia.
“President Putin and Prime Minister Narendra Modi continue to have phone conversations. January 15 was the date of the most recent conversation, he stated.
Official and ministerial exchanges between Russia and India continue; most recently, External Affairs Minister S. Jaishankar reported a highly fruitful visit to Russia in December 2023.
Our two-way relationship has grown to be genuinely multifaceted, involving collaboration in the fields of science, technology, security, and the military. The last fiscal year saw a sharp increase in our bilateral commerce, reaching USD 50 billion, and this year is probably going to see even more of it, the official stated.
