3 weeks ago
India-Russia ties expand with trade, Arctic route cooperation
India and Russia have been good friends for a very long time.
For many years, they mostly worked together on defence and energy.
Now they want to be partners in many more ways.
The two countries are trying to trade a lot more, with a big goal of $100 billion.
Many Indian workers now go to Russia to work, and there are more than 100,000 of them.
Construction is the area where Russia wants the most Indian workers.
India is also looking at a new shipping route in the Arctic Ocean called the Northern Sea Route.
This route could help ships travel faster between Europe and Asia.
The two countries are also talking about a free trade agreement with a group called the Eurasian Economic Union.
All of this shows that their friendship is growing in new ways.
India and Russia are expanding cooperation beyond defence and energy into trade, investment, skilled manpower and Arctic connectivity.
The two countries are working towards a $100 billion bilateral trade target as businesses on both sides explore new markets.
The number of Indian skilled workers in Russia has jumped from about 10,000-15,000 to more than 100,000 over two to three years.
India is exploring greater participation in the Northern Sea Route along Russia's Arctic coast as an alternative Europe-Asia maritime link.
India and the Eurasian Economic Union are negotiating a free trade agreement, with the second round of talks held in Moscow last month.
- Who
- Indian Ambassador to Russia Vinay Kumar, speaking about the bilateral partnership between India and Russia.
- What
- The expansion of India-Russia cooperation beyond defence and energy into trade, investment, skilled manpower mobility and Arctic (Northern Sea Route) connectivity.
- Where
- India, Russia, Moscow, and the Northern Sea Route along Russia's Arctic coast.
- When
- Current developments; the second round of India-Eurasian Economic Union free trade negotiations was held in Moscow last month, and the skilled manpower mobility agreement was signed last year.
- Why
- To deepen economic ties, work towards a $100 billion bilateral trade target, and build new pillars of partnership beyond defence and strategic cooperation.
Key facts
- Bilateral trade target
- $100 billion
- Indian workers in Russia
- More than 100,000, up from about 10,000-15,000 two to three years ago
- Marine product export growth
- Over 30% increase from India to Russia in the past year
- Free trade negotiation
- India and the Eurasian Economic Union; second round held in Moscow last month
- Manpower mobility agreement
- Signed by India and Russia last year
- Arctic cooperation
- Joint working group examining the Northern Sea Route, including ship construction via joint ventures
- Partnership status
- Special and privileged strategic partnership, upgraded more than two decades ago
Quotes
Vinay Kumar
Indian Ambassador to Russia
“The long‑standing partnership between India and Russia is expanding beyond its traditional areas of defence and energy, with trade, investment, skilled manpower and Arctic connectivity emerging as important new areas of cooperation.”
firstpost.com
Sources
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