https://sputnikglobe.com/20220422/india-expedites-dialogue-with-russia-to-trade-via-arctic-route-amid-ukraine-crisis-1094971865.html
India Advances Dialogue With Russia to Trade Via Arctic Route Amid Ukraine Crisis
India Advances Dialogue With Russia to Trade Via Arctic Route Amid Ukraine Crisis
Sputnik International
India’s commercial vessels destined for Europe and Russia use the Suez Canal and the Black Sea route. However, Indian exporters remain cautious about using the... 22.04.2022, Sputnik International
2022-04-22T20:12+0000
2022-04-22T20:12+0000
2022-12-10T11:35+0000
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India has held a strategic dialogue with Russia on Friday to discuss opening a new maritime route connecting Asia with Europe amid disruption in the Black Sea over the ongoing conflict in Ukraine.Members of the NITI Aayog, the top public policy think tank of the Indian government, has held a meeting with Russia’s Ministry for the Development of the Russian Far East and the Arctic in New Delhi to forward collaboration in trade, economics, and investment in the Russian Far East from 2022 to 2027.The meeting took place weeks after India unveiled its Arctic policy, which aimed to optimize the available opportunities in the Arctic region. In its policy document, India has reiterated its ambitions to build polar ice-class research vessels.As India lacks the capability to build polar ice-class research vessels, it sought technical help from Russia in constructing these vessels.Officials at the NITI Aayog said that the two sides also held comprehensive discussions on diamond mining, processing, and trade.For years, Russia's Far East has remained an attractive destination for Indian diamond traders. India's KGK and M. Suresh Group have established their subsidiaries in Vladivostok that are involved in the polishing business.Laxmi Diamonds, Ankit Gems, and Asian Star Ltd, among others, are also planning their production line in the Far East.On Friday, investment in Far East's oil and gas fields dominated the agenda, as India rejected Western sanctions on Russia, conveying it will prioritize its national interest in securing energy security.The Indian official said that the two countries aimed to make a concrete decision shortly.The Arctic region has vast oil and gas deposits and minerals such as copper, niobium, platinum-group elements, and rare earth metals lying beneath the ocean floor.
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Rishikesh Kumar
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India Advances Dialogue With Russia to Trade Via Arctic Route Amid Ukraine Crisis
20:12 GMT 22.04.2022 (Updated: 11:35 GMT 10.12.2022) India’s commercial vessels destined for Europe and Russia use the Suez Canal and the Black Sea route. However, Indian exporters remain cautious about using the Black Sea route amid Moscow’s special military operation in Ukraine, impacting the volume of their businesses.
India has held a strategic dialogue with Russia on Friday to discuss opening a new maritime route connecting Asia with Europe amid disruption in the Black Sea over the ongoing conflict in Ukraine.
Members of the NITI Aayog, the top public policy think tank of the Indian government, has held a meeting with Russia’s Ministry for the Development of the Russian Far East and the Arctic in New Delhi to forward collaboration in trade, economics, and
investment in the Russian Far East from 2022 to 2027.
“We have discussed key issues such as building and utilizing the sea route from Asia to Europe, shipbuilding and manufacturing with our Russian partners,” sources at NITI Aayog told Sputnik.
The meeting took place weeks after India unveiled its
Arctic policy, which aimed to optimize the available opportunities in the Arctic region. In its policy document, India has reiterated its ambitions to build polar ice-class research vessels.
As India lacks the capability to build polar ice-class research vessels, it sought technical help from Russia in constructing these vessels.
Officials at the NITI Aayog said that the two sides also held comprehensive discussions on diamond
mining, processing, and trade.
For years, Russia's Far East has remained an attractive destination for Indian diamond traders. India's KGK and M. Suresh Group have established their subsidiaries in Vladivostok that are involved in the polishing business.
Laxmi Diamonds, Ankit Gems, and Asian Star Ltd, among others, are also planning their production line in the Far East.
On Friday, investment in Far East's oil and gas fields dominated the agenda, as India rejected Western sanctions on Russia, conveying it will prioritize its national interest in
securing energy security.
The Indian official said that the two countries aimed to make a concrete decision shortly.
The Arctic region has vast oil and gas deposits and minerals such as copper, niobium, platinum-group elements, and rare earth metals lying beneath the ocean floor.
