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21.11.24 15:35

Economy

India and Russia launch Chennai-Vladivostok maritime corridor to boost trade links

Key commodities, including crude oil, liquefied natural gas, fertilisers, machine parts, and textiles, have already started flowing through the corridor

India and Russia have officially operationalised the Chennai-Vladivostok Maritime Corridor (CVMC), a pivotal sea route designed to strengthen bilateral trade and connectivity.

Indian Minister of Ports, Shipping, and Waterways, Sarbananda Sonowal, announced the development, marking a milestone in the nations' collaborative efforts to diversify trade routes and enhance logistical efficiency.

The corridor, first conceptualised in September 2019 following an agreement between Indian Prime Minister Narendra Modi and Russian President Vladimir Putin, spans approximately 10,300 kilometres. This route links Chennai with Vladivostok while connecting major Indian ports such as Paradip and Visakhapatnam.

By reducing transit times by 40 per cent, the corridor promises to revolutionise trade logistics for both nations, as reported by Trinity Mirror, a partner of TV BRICS.

Key commodities, including crude oil, liquefied natural gas, fertilisers, machine parts, and textiles, have already started flowing through the corridor. This operationalisation aligns with India’s Act East Policy.

Experts believe that as the corridor gains momentum, its impact on India-Russia trade relations and regional logistics will be closely monitored, highlighting its strategic role in fostering economic integration and resilience in global supply chains.

Photo: iStock

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Liao Fan

Director of the Institute of World Economics and Politics at the Chinese Academy of Social Sciences (CASS)

"We also encourage countries of the Global South to work together and contribute to the global economy. We also call on developed countries to set aside issues such as national security and strategic competition when we are discussing real global challenges – pressing issues such as public health or poverty reduction – so that development resources can be channelled truly effectively to those countries that need them. [...] Major powers and large countries must bear greater responsibility for the well-being of people around the world. This is the responsibility of the major powers"

Anutin Charnvirakul

Prime Minister of Thailand

"Russia has been a trusted friend of Thailand for over a century. […] Next year, we will mark the 130th anniversary of the establishment of diplomatic relations between our countries. We will commemorate this important milestone with high-level exchanges, thereby reaffirming our shared commitment to an even stronger partnership for the benefit of our peoples"

Ferdinand Marcos

President of the Republic of the Philippines

"First, peace, security and stability. [...] We need our joint efforts to contribute to peace and security and to respond promptly to all threats. Second, a more dynamic economic partnership. Our areas of cooperation in trade are developing. We need to act more ambitiously and decisively in order to facilitate trade, economic flows and the expansion of the business community. [...] And third, perhaps one of the most important areas, is our peoples, grants, student exchanges, academic partnerships and tourism. [...] The relationships that are being built between our countries are reflected in the summit declaration, and they provide what policy alone cannot achieve"

Anwar Ibrahim

Prime Minister of Malaysia

"The relations in the last few years have been remarkable. We have seen impressive development, and my visit was – you were fantastic. We see the enormous role that Russia can play not only in Malaysia but also in the developing world, ASEAN and the rest. We are exploring this halal economy and finance. We are now almost finishing the visa abolition arrangement. [...] And then you have also agreed to these flights for tourism, for trade, and connectivity between Malaysia, Moscow, Kazan, and other cities in Russia"

Vladimir Putin

President of the Russian Federation

"This forum, which has brought together leading representatives of the business communities of our country and the ASEAN member states in the hospitable capital of Tatarstan, Kazan, is of particular importance. This year marks the 35th anniversary of Russia–ASEAN relations. During this period, we have accumulated substantial experience in multifaceted cooperation, established strong ties, including between the Association’s Business Advisory Council and the Russia–ASEAN Business Council, and created a solid foundation for the future"

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India and Russia launch Chennai-Vladivostok maritime corridor to boost trade links

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