Bilateral trade with Russia bound to increase in coming years

Bilateral trade between India and Russia was at 50 billion US dollars in the last financial year and is expected to increase this year, said Union Minister for Ports, SarbanandaSonowal .

The Eastern Maritime Corridor between the ports on the east coast of India and the Far East region of Russia promises "immense potential" to unlock new trade opportunities, he said. He however did not specify when the corridor would be operatiolized

The minister was speaking at a conference on 'Operationalising Eastern Maritime Corridor' which was attended by a delegation from Moscow led by A Yu Bobrakov, Deputy Minister for the Development of the Far East and the Arctic of the Russian Federation, among others.

While welcoming the visiting delegates, Sonowal said the India-Russia partnership is strong and steady building upon strategic convergence, geo-political interests and mutually beneficial cooperation.

"Prime Minister Narendra Modi remains engaged with President Putin through telephonic conversation. The latest discussion took place on January 15," he said. India and Russia continue to interact at the Ministerial and official levels; most recently, External Affairs Minister S Jaishankar had a very successful visit to Russia in December 2023, he said.

"Our bilateral partnership has expanded to become truly multi-faceted and encompasses cooperation in military, security, science and technology. Our bilateral trade has registered rapid growth in the last financial year, where it amounted to 50 billion US dollars, and it is likely to be even more this year," he said.