After having formally announced the creation of India-Middle East-Europe Economic Corridor with Gulf and European nations at the recently held G20 summit, India is now focusing on giving push to its connectivity endeavors with Russia in the Far East and Arctic Region.
India is looking to operationalise the Eastern Maritime Corridor between Vladivostok and Chennai and undertake trading and transportation of potential commodities such as coking coal, oil, and liquefied natural gas with Russia. Additionally the country is also exploring the possibility of using new emerging corridors such as the Northern Sea Route.
“The operationalisation of Eastern Maritime Corridor (EMC) will usher in a new era of trade relationship between India and Russia,” said Minister of Ports, Shipping & Waterways Sarbananda Sonowal at the Eastern Economic Forum in Vladivostok.
In a subsequent meeting with the Minister of the Russian Federation for the Development of the Far East and the Arctic, A.O. Chekunkov, Sonowal highlighted that the proposed workshop in Chennai to be held later in the year will discuss the operationalisation of the Eastern Maritime Corridor.
“India is keen to collaborate a partnership regarding the development of the Northern Sea Route, recognising the potential it holds for enhanced connectivity and trade,” said Sonowal.
The Northern Sea Route traversing along Russia’s Arctic Region has seen increased shipping activity in recent years on account of global warming leading to opening of shipping routes, which otherwise remained frozen for most of the year earlier. Russia’s Arctic Region contains huge reserves of hydrocarbons, which are yet to see dedicated
exploration.
“It (Northern Sea Route) is an important shortcut between Europe and Asia, providing significant distance and shipping time savings compared with the most often used shipping route from the Atlantic to Asia via the Suez Channel and Indian Ocean,” according to a 2021 report by The Oxford Institute for Energy Studies.
India, which has an enormous need for energy security, is exploring investment in Russia’s Arctic Region.
Going ahead, India-Russia Joint Maritime Commission will become the platform to facilitate constructive discussion on various issues regarding development of the Northern Sea Route, said Sonowal.
