India and Pakistan try to cover the hole left by Russia

India and Pakistan try to cover the hole left by Russia

Russia left a hole for the leather industry. Since about a year ago, when relations between Russia and Europe and North America grew thin (if not worse given the sanctions imposed), Russia has been looking for new commercial partners in Central Asia. Trade with India has already flourished and a new agreement with Pakistan could very well bring wealth.

The hole left by Russia

The reason behind the breakdown of relations between Russia and West was the invasion of Ukraine (though it it’s not a reminder needed). The new relation that has been built between Russia and India recently became an international case: trade between the two countries, writes The Guardian, grew 413% and in part has to do with leather and leather goods. To cite an example, Homera Tanning, tannery locate in the Haryana state, used to export about 930,000 euro worth of leather to Russia before the start of the war, but sold to the country 5 million-euro worth of material between May and October of 2022. The footwear manufacturers that used to be worth 10% of the revenue quota now account for about 70%. These enterprises supply shoes to the Russian army.

Indio isn’t enough

But India isn’t enough for Russia. In fact, just a few days ago news broke that Moscow and Islamabad have signed a trade agreement to ease commerce up to 5 billion USD: Russia sells fossil fuel for cheap while Pakistan supplies manufactured goods. Pakistan has said to supply Russia with leather, shoes, apparel, and sporting goods.

Photo from Shutterstock

Read also:


Choose one of our subscription plans

Do you want to receive our newsletter?
Subscribe now