India-Baltic Sea Region Trade and Connectivity: Myth or Reality?
Abstract: India and Baltic Sea Region (BSR) may seem very different areas of the world, and indeed in many ways they are heterogeneous. But, there are many similarities. Both the regions enjoy diversity-of geography, culture, landscape, economy and language. Notwithstanding their vast achievement in the global trade, trade between BSR and India has been fairly low and unevenly distributed across BSR countries. Intuitively, efficient regional trade corridor between them - be it ocean, air or land - is important to increase trade volume, diversify exports, attain export sophistication, and strengthen economic integration. This paper suggests that the India-BSR trade exchange and connectivity shall aim to improve the performance of regional infrastructure and eliminate the technological asymmetry in transportation dealing the trade between them. While at the verge of another global financial crisis, this paper suggests that an integrated regional trade and transport corridor between India and Europe in general and with BSR, in particular, would yield much larger economic benefits. This study calls for a strategic partnership for policy development and an action plan to foster regional cooperation and integration between India and the Baltic Sea Region.
Kewords : Baltic Sea Region, EU, India, trade, connectivity, trade facilitation.