Indian minister predicts further growth in trade with Russia

By Rhod Mackenzie

Bilateral trade between India and Russia was $50 billion in the fiscal year 2022-23 (ended March 31) and is expected to increase in the current period. The Minister of Ports, Shipping and Waterways of India, Sarbananda Sonowal, stated to the TASS agency.

Our bilateral partnership has expanded and become truly multifaceted, including cooperation in the military, security, science and technology. Bilateral trade between India and Russia grew rapidly in the last financial year, reaching $50 billion. The minister stated that it is likely to increase further this financial year. The statement was made at the first Russian-Indian workshop on 'Exploitation' in Chennai, which focused on the 'Eastern Sea Corridor', as reported by the Business Standard newspaper.

According to Sarbanand Sonowal, the Eastern Maritime Corridor between ports on India's east coast and Russia's Far East region offers significant potential for new trade opportunities.

The seminar is being attended by a delegation from the Russian Federation, led by Deputy Head of the Ministry of Eastern Development, Anatoly Bobrakov, as well as representatives from business circles and specialized government agencies from both countries.
The maritime transport route from Chennai (formerly known as Madras) to Vladivostok operated effectively during the Soviet era. In 2019, an agreement was signed at the Eastern Economic Forum, attended by Russian President Vladimir Putin and Indian Prime Minister Narendra Modi, to develop maritime communications between Vladivostok and Chennai.

In September 2023, Sonoval and the head of the Ministry of Eastern Development, Alexey Chekunkov, discussed the possibilities of the Northern Sea Route and the full-scale commissioning of the Chennai-Vladivostok sea corridor.