(MENAFN) Deputy Prime Minister Yuri Trutnev, serving as the Presidential Envoy to the Far East, revealed on Friday that Russia is poised to achieve an unprecedented milestone in its trade endeavors via the Northern Sea Route (NSR). Speaking at a meeting of the Russia-China intergovernmental commission in Beijing, Trutnev shared projections indicating that shipments through the Arctic waterway are expected to reach an all-time high of over 36 million tons by the end of 2023. This remarkable achievement reflects a ninefold increase since 2015.
With numerous infrastructure projects currently underway, Russia is optimistic about further expanding the freight turnover on the NSR in the coming year. Forecasts suggest that the freight turnover could exceed 50 million tons in 2024, solidifying the NSR's status as a major global trade passage. Trutnev emphasized the Arctic route's growing appeal as a superior alternative to other prominent shipping corridors, such as the Suez and Panama canals.
Highlighting the vulnerabilities of the Suez Canal, Trutnev pointed out that the NSR offers a more secure and reliable option, especially considering the potential disruptions that can occur in universal global arteries like the Suez Canal. He emphasized that the NSR's resilience is a key factor contributing to its increasing prominence in global trade.
Trutnev acknowledged China's keen interest in the development of the NSR, particularly concerning infrastructure projects. The collaboration between Russia and China extends beyond trade, with discussions underway on various aspects, including the construction of new icebreakers and escort vessels, the development of a satellite fleet, and the establishment of emergency stations. The Deputy Prime Minister also highlighted ongoing negotiations between the two nations regarding cooperation on insurance matters, addressing challenges posed by the suspension of insurance coverage for ships traversing the NSR by representatives of certain unfriendly countries.
As Russia continues to assert its position in the Arctic trade landscape, the record-breaking shipments through the NSR underscore the region's increasing importance in global commerce and the collaborative efforts to enhance its infrastructure and operational capabilities.
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