According to reports, India and Russia are considering an Arctic shipping line to link Southeast Asia with Europe in less time than the Suez and Panama canals.
India and Russia are discussing the possibility of launching a trans-Arctic container shipping line and processing facilities along the Northern Sea Route (NSR), said Aleksey Chekunkov, Russian minister for the development of the Far East and Arctic.
The Arctic route, linking Southeast Asia to Europe will drastically reduce transportation times, compared to traditional routes through the Suez or Panama canals. In the Soviet era, it was used mainly to supply goods to isolated settlements in the Arctic.
During the visit of Chekunkov, the issue was discussed in the meeting with India’s Minister of Ports, Shipping & Waterways Sarbananda Sonowal to use the ‘Northern Sea Route’ for reliable and safe cargo transportation, according to reports.
India’s Minister of State for Finance, Bhagwat Karad, informed parliament that the rupee was closer to replacing the dollar as 18 nations agreed to trade in INR.
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