7th Eastern Economic Forum

The 7th Eastern Economic Forum recently took place in Vladivostok, Russia.

Image Source - The Indian Express

About the meeting

• The 7th Eastern Economic Forum meeting featured a virtual speech from the Indian Prime Minister.

War in Ukraine:

• Supply networks all across the world have been impacted by the turmoil in Ukraine and the Covid epidemic.
• The PM emphasised the necessity to resolve the Ukrainian problem through diplomatic and diplomatic channels.
• Possibilities of India-Russia relations as expressed in the meeting:

Arctic area:

• India is eager to strengthen its cooperation with Russia on Arctic issues.
• The potential for collaboration in the energy sector is enormous.

East Asia:

• India made a pledge to an "Act Far-East" policy public in 2019.
• This policy is a crucial component of a unique and privileged strategic alliance with Russia
• In the areas of pharmaceuticals and diamonds, India has also made large investments in Russia's far east.
• India may collaborate on talent mobility as well. Many resource-rich places of the world have developed as a result of Indian talent.
• Indians' talent and professionalism have the potential to speed up development in the Russian Far East.

Connectivity:

• The development of India and Russia would be significantly influenced by connectivity initiatives like the International North-South Corridor, the Chennai-Vladivostok Maritime Corridor, and the Northern Sea Route.

Supply of coking coal

• Through the provision of coking coal, Russia has the potential to be a significant ally for the Indian steel sector.

Russia-India Relations

Political connections

• The highest level of institutionalised conversation in India and Russia's strategic cooperation occurs during the annual summit between the prime minister of India and the president of the Russian Federation. 20 Annual Summit meetings have already alternated between Russia and India.
• India and Russia have reiterated the need for the UN Security Council to be reformed in order to properly reflect the contemporary global order.
• Russia has always supported India's membership in the Nuclear Suppliers Group (NSG).

Financial Relations:

Trade:

• By 2025, both parties amended their goals for bilateral trade and investment to reach $30 billion and $50 billion, respectively.

Joint investment:

• Russia invested 18 billion dollars in India in 2017, while India has invested 13 billion dollars in Russia so far. The investment goal of 30 billion dollars by 2025 has been met.

Technology & Science

• The three primary institutional frameworks for bilateral Science and Technology collaboration are the Working Group on Science and Technology operating under IRIGC-TEC, the Integrated Long Term Programme (ILTP), and the Basic Science Cooperation Programme.

Atomic Energy:

• India is acknowledged by Russia as a nation with cutting-edge nuclear technology and a perfect non-proliferation record. In India, the Kudankulam Nuclear Power Plant (KKNPP) is being constructed with Russian assistance.

Cooperation in Space:

• Both parties work together to develop peaceful uses for space, such as satellite launches, the GLONASS navigation system, remote sensing, and other societal benefits.

Cultural coexistence

• Indian studies have a long history in Russia. JNCC continues to work closely with eminent Russian institutions. Russians are very interested in Indian dance, music, yoga, and Ayurveda.

Eastern Economic Forum

• Every year, the EEF is a global conference held in Vladivostok, Russia.
• To promote the economic growth of Russia's Far East and deepen international ties in the Asia-Pacific region, it was first hosted in September 2015 at Vladivostok's Far Eastern Federal University.
• The Roscongress-appointed organising committee is funding this forum.
• This forum provides a place for the debate on important global economic issues, regional integration, the growth of new industrial and technology sectors, as well as the international difficulties that Russia and other countries are currently facing.

Regarding the Far East

• It is located in Russia's far east.
• It is surrounded by five nations and two oceans, the Pacific and the Arctic (China, Japan, Mongolia, the United States and the DPRK)
• More over a third of the country is comprised of the Far Eastern Federal District.
• It is abundant in natural resources such fish and shellfish, diamonds, stannary, borax materials, 50 gold, and tungsten.
• Here are located around one-third of the nation's coal reserves and hydro-engineering resources.
• 30% of Russia's total forest area is made up of the forests in the region.

International North-South Transport Corridor (INSTC)

• An agreement signed by India, Iran, and Russia at the 2000 Euro-Asian Conference on Transport serves as the INSTC's legal foundation.

Aim:

• To more than halve the 40-day transit period and lower the cost of transportation between Russia and India by around 30%.
• The growing Eurasian Free Trade Area is anticipated to be consolidated by the corridor.

Availability & Length:

• It is a 7,200-kilometer-long multimodal transportation corridor that connects Russia and India via Iran and Central Asia.
• It connects the Persian Gulf, the Indian Ocean, and the Caspian Sea before continuing into Northern Europe and Russia.
• It provides the quickest communication path between Russia and India.