Bilateral trade between India and Russia stood at $50 billion in the financial year 2022-23, said Minister of Ports, Shipping and Waterways of India Sarbananda Sonowal, forecasting an even bigger turnover for 2024.
"Our bilateral partnership has expanded and become multi-faceted, including cooperation in the military, security, science and technology. Bilateral trade between India and Russia registered rapid growth in the last financial year, when it reached $50 billion, and is likely to continue this year. In the next financial year, it will increase more," Sonowal said at the first Indo-Russian Workshop for 'Operationalisation of the Eastern Maritime Corridor' held in Chennai, Tamil Nadu.
The Eastern Maritime Corridor or Chennai-Vladivostok sea route between ports on India's east coast and Russia's Far East region promises huge potential for new trade opportunities, Sonowal added.
Anatoly Bobrakov, the Russian Minister for Development of the Far East and Arctic, was also present at the venue on Wednesday.
"Focused on the 'Eastern Maritime Corridor,' a game-changer & aims to reduce freight charges, expedite transit times & open up new trade avenues in the Pacific," the Ministry of Ports, Shipping and Waterways said in a statement.
Last year, a study conducted by a private consultancy, Yakov and Partners, and state-owned financial organization Business Russia predicted that trade between India and Russia could reach $200 billion by 2030.