India and Russia strengthened strategic, trade and logistics cooperation in various sectors during the South Asian country's participation in the Eastern Economic Forum in Vladivostok, officials said.
India's Minister for Port Infrastructure, Shipping and Inland Waterways Development Sarbananda Sonowal, who is leading the Indian delegation to the forum, participated in a session on the development of the Chennai-Vladivostok Eastern Sea Corridor as an alternative trade route.
Sonowal also met Aleksey Chekunkov, Russian Minister for the Development of the Far East and the Arctic, and Vitaly Savelyev, head of the Russian Transport Ministry, to maintain strong ties and promote cooperation between the two countries, said an official statement.
According to the Indian Ministry of Finance, one of the topics of the talks is to study the possibilities of the Northern Sea Route and the creation of a transport hub in the Bay of Bengal.
The head of the Indian delegation also addressed the India-Russia Business Dialogue at the Eastern Economic Forum, where he emphasised the critical role of trade and business in enhancing stability and sustainability of the two countries' strategic partnership.
Talking about his trip to Russia, Sonowal said it was due to the historical ties between India and Russia, which, he said, had reached a new level with the strengthening of trade.
He added that the two sides are working together to create an alternative trade route between the historic port cities of Vladivostok in Russia and Chennai in India, as reported by Prensa Latina, a partner of TV BRICS.
Talking about the eastern sea corridor, the Indian minister said that it reduces transit time of cargo between India and Russia and has immense potential to unlock new opportunities for trade and co-operation.
Sonowal emphasised that the Eastern Economic Forum is a key international platform for establishing and strengthening ties in the Russian and global investment community. It also provides a comprehensive expert assessment of the Far East's economic potential, its investment opportunities and business conditions in special areas.
The Eastern Economic Forum, established by Russian President Vladimir Putin in 2015, aims to support the economic development of the Far East and expand international Asia-Pacific cooperation.Photo: istockphoto.com