India, Russia to set up alternative trade route: Sarbananda Sonowal
NEW DELHI: India and Russia will set up an eastern maritime corridor between Vladivostok and Chennai as an alternative trade route, ports and shipping minister Sarbananda Sonowal, who is on a five-day tour of Russia, said on Tuesday, which would reduce the time to move cargo by over two weeks.
Sonowal told a gathering in the Russian port city of Vladivostok that a workshop on the eastern maritime corridor will be convened in Chennai on October 31 and November 1.
The eastern maritime corridor is estimated to cut the time required to transport cargo between Indian and Russian ports of the far east by up to 16 days. The corridor will enable Russian shipments to reach India in 24 days instead of over 40 days.
“The operationalisation of eastern maritime corridor will usher a new era of trade relationship between India and Russia,” Sonowal said in a statement. “I propose a workshop of all stakeholders at Chennai in India and extend our invitation to this workshop where we can meet, interact and discuss the smooth and swift operationalisation of corridor.”
In the recently concluded G20 Summit, Prime Minister Narendra Modi, along with US President Joe Biden and the leaders of Saudi Arabia and the United Arab Emirates, announced the launch of a new trade route connecting India to the Middle East and Europe through railways and ports.
India’s flagship Sagarmala initiative aims to boost the country’s logistics sector by unlocking the full potential of India’s coastline and waterways, Sonowal said. Currently, there are 802 projects worth more than $65 billion for implementation under the Sagarmala programme by 2035.
