Indo-Russia bilateral trade register rapid growth last fiscal, to be even higher this year : sonowal

Chennai, Jan 24 (UNI) Union Minister for Ports, Shipping and Waterways Sarbanandha Sonowal on Wednesday said the Indo-Russia bilateral trade has registered rapid growth in the last fiscal and it is likely to be even more this year.

Speaking at the first India-Russia worskhop “Operationalisation of Chennai-Vladivostok Eastern Maritime Corridor here, he said, the Indo-Russia bilateral partnership has expanded to become truly multifaceted and encompasses cooperation in the political, strategic, economic, energy, military, security, science, technology, culture, and humanitarian spheres.

“Further deepening and diversifying our trade and economic ties have been identified as a priority area by the leadership of our countries”, he said.

“Our bilateral trade has registered rapid growth in the last financial year and amounted to 50 Billion US Dollars, and it is likely to be even more this year”, he said.

Stating that the ‘Special and Privileged Strategic Partnership’ between the two countries continues to serve as the foundation of the cooperation between India and Russia, Mr Sonowal said the joint endeavor to revive the ‘Eastern Maritime Corridor’ is an example of the “Special” and “Privileged” nature of our partnership.

“The India-Russia partnership is strong and steady, building upon strategic convergences, geopolitical interests and mutually beneficial cooperation”, he said.

Mr Sonowal said Prime Minister Narendra Modi remains engaged with President Putin through telephone conversations, with the last discussion having taken place earlier this month, on January 15.

India and Russia also continue to interact at Ministerial, Official, and other levels, he said, adding, most recently, India’s External Affairs Minister Dr S.Jaishankar had a very successful visit to Russia in December 2023, where he held meetings with Deputy Prime Minister Denis Manturov, Foreign Minister Sergey Lavrov and called on President Putin.

In this scenario, enhancing connectivity between the two great sea-faring nations assumes great significance, he added.

This visit to Chennai by the Russian delegation led by Deputy Minister Mr. Bobrakov is a positive step towards building greater economic cooperation between the two nations.

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