India and Russia to explore new maritime routes for trade expansion

India and Russia are considering exploring the possibility of using alternative transport routes, including the Northern Sea Route and Eastern Maritime Corridor (EMC), to enhance maritime cooperation.

In a statement, India's Ports, Shipping, and Waterways minister, Sarbananda Sonowal said that the decision was reached during a meeting with Moscow's Development of the Far East and Arctic minister, AO Chekunkov, in Vladivostok, Russia.

In addition to the exploration of new trade routes, the two nations agreed to train Indian seafarers in polar and arctic waters at the Russian Maritime Training Institute. The institute, as per the Reuters report, offers advanced simulator facilities.

Furthermore, both India and Russia expressed their commitment to strengthening their strategic cooperation in various sectors, emphasising their enduring partnership. 

"We remain committed to maintaining strong ties (with Russia) and fostering strategic cooperation across various sectors," said the Indian minister in a statement.

"The operationalisation of the Eastern Maritime Corridor (EMC) will usher in a new era of trade relationship between India and Russia," said Sonowal.

Chekunkov stated that Russia seeks to "develop relations with Indian partners in the Far East in all areas of mutual interest."

As per a statement from India's shipping ministry, Sonowal extended an invitation to an Indo-Russian workshop on the Eastern Maritime Corridor (EMC).

"Sonowal was addressing the session aimed at forging possibilities for early operationalisation of the EMC as an alternative trade route between the Russian port city of Vladivostok and the Indian port city of Chennai. The workshop is proposed to take place from 30 October to 1 November 2023 in Chennai, India," said the shipping ministry.

This corridor is projected to significantly reduce the transit time between Indian and Russian ports in the Far East Region, potentially by up to 40 per cent, from the current 40 days to 24 days.

Despite the more than year-long, ongoing war Russia has waged on its neighbour Ukraine, India has maintained a close relationship with Russia. 

As per reports, trade between the two nations has reached record-high levels, and Indian imports of Russian oil have contributed significantly to this increase.

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