India and Russia to fast-track Arctic route shipping
India and Russia will sign a Northern Sea Route cargo pact to boost Arctic shipping and trade Read Full Article at RT.com
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The move is aimed at boosting cargo movement through the Northern Sea Route and facilitating trade
India and Russia will sign a pact to speed up operationalizing the Arctic shipping route as the countries take steps to achieve a targeted $100 billion in bilateral trade.
Russian Prime Minister Mikhail Mishustin posted on the official portal of regulatory legal acts on Tuesday that Rosatom’s proposal to develop cooperation in maritime cargo transportation along the Northern Sea Route (NSR) has been approved.
The Arctic route will provide India with alternative passages to ship commodities to markets in eastern and northern Europe, saving up to 40% in distance and about two weeks of travel time compared to traditional routes through the Suez Canal.
The uncertainty over the transit of commercial shipping through the Strait of Hormuz after the Middle East conflict began late in February has impacted India, which is heavily dependent on energy imports.
The Arctic route pact would also be a significant boost to efforts by Russia and India to achieve the targeted $100 billion in bilateral trade by 2030.
