India may ink pact with Russia to build Ice-class vessels in $100 bn trade push

 

India and Russia are likely to firm up a partnership during President Putin’s forthcoming visit to India by signing a deal to build Ice-class vessels in a $100 billion trade push. Nikolai Patrushev, Chairman of the Maritime Board of Russia and a high-ranking aide to President Putin, had called on Prime Minister Mr Narendra Modi as part of preparations for the 23rd India-Russia Summit, scheduled for early next month in New Delhi.  Russia and India have been negotiating to boost trade by developing the Eastern Maritime Corridor (EMC) and the Northern Sea Route (NSR) through investments in port infrastructure and shipbuilding, particularly the construction of Ice-class tankers to transport oil. The aim is also to train Indian crews to operate cargo ships safely in the Arctic Ocean, negotiating ice blocks and frozen waters. With India and Russia targeting $100 billion in bilateral trade by 2030, the imperative to exploit the potential of the EMC and NSR through collaboration to build infrastructure and Ice-class ships is clear, as per a report.

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