India also suffered huge losses due to the Ukraine war

India also suffered huge losses due to the Ukraine war

In the Asia-Pacific region, Ukraine is India's largest exporter. At present, Ukraine is being ravaged by war and this will be a huge blow to India.

Russia's reckless invasion of Ukraine will have a devastating effect on the world economy. Britain, the United States and the European Union have expelled a few Russian banks from the world's banking messaging service, Swift. Swift provides services to 11,000 banks and financial institutions in more than 200 countries, including India. Russia, deported from Swift, will have to face significant economic consequences. The ongoing war has affected the Indian commodity market and is a matter of concern.

Oil prices have already reached hundreds of dollars per barrel. Prices of precious stones and platinum are also set to rise. Ukraine is a major exporter of agricultural products; But now the bombings have reduced trade through the Black Sea. As a result, prices of wheat and maize will go up. Russia is the world's largest wheat exporter. Ukraine ranks fourth in wheat exports. The two countries together account for 25 per cent of the world's wheat exports.

If oil prices reach 150 a barrel, global GDP is expected to fall by one per cent. India imports more than 80 per cent of its oil needs from Ukraine. Defense equipment projects such as N32 aircraft are located in Ukraine and we import large quantities of aviation equipment from Ukraine. Many buildings, factories and projects in Ukraine are being demolished, which will hit imports.

If tensions between Russia and NATO escalate, then China will be closer to Russia. China could block trade in the South China Sea. If that happens, imports and exports from the US, the Philippines, Australia, Japan and India could be hit. Ukraine covers an area of ​​six million square feet and has a population of four million. Even so, owning one is still beyond the reach of the average person.

Read : Important Aspects Of Russia and Ukraine

India was one of the first countries to recognize Ukraine in December 1991. India also opened its bar in Kiev in May 1992. The following year, Ukraine established a bar in New Delhi. This is Ukraine's first advocate in Asian countries. President APJ Abdul Kalam visited Ukraine in 2005 and Ukrainian President Viktor Yanukovych visited India in 2012.

Ukraine's Minister for Economic Development and Trade visited India during the Congress-led United Progressive Alliance government, while in 2016, India's Minister for Heavy Industries and Public Enterprises Anant Geete visited Ukraine. The then Foreign Minister visited Ukraine three years ago. A number of agreements were reached between the two countries on trade in various commodities, space research, science and technology, and defense materials.

Over the last 25 years, India-Ukraine trade has grown significantly to 3 billion. Ukraine is the largest exporter of goods to India in the Asia Pacific region. India is the fifth largest exporter of Ukraine in the world. India exports to Ukraine drugs, iron ore and other minerals, tobacco, tea, coffee, spices, silk and hemp.

India imports chemicals, machinery and engines from Ukraine. The contracts for the coke battery rehabilitation plants at Rourkela and Bokaro have been awarded by Ukrainian companies. Oxygen converter products are supplied to India from the Zomash and Nevokramantorsky machine building plants. Cooperation between the two countries in technical and scientific fields is increasing; But now Ukraine is being demolished, which will be a huge blow to India. 

Read : Russia invades Ukraine