Home  /  Daily Current Affairs  /  08-09-2022 / 7th Eastern Economic Forum

7th Eastern Economic Forum

Posted on September 8, 2022 by admin1  25

In News

  • Recently, the 7th Eastern Economic Forum was organized at Vladivostok in Russia. 

More about the meeting

  • The Prime Minister of India virtually addressed the 7th Eastern Economic Forum meet. 
  • Ukraine conflict:
    • The Ukraine conflict and the Covid pandemic have impacted supply chains across the world.
    • The PM reiterated on the need to end the conflict in Ukraine, which can be done through dialogue and diplomacy.
  • Potential of India-Russia’s ties, as stated in the meeting:
    • Arctic region:
      • India is keen to strengthen its partnership with Russia on Arctic subjects. 
      • There is immense scope for cooperation in the field of energy. 
    • Far east:
      • In 2019 India announced a commitment to an “Act Far-East” policy. 
        • This policy is an important part of a special and privileged strategic partnership with Russia.
      • India has also made significant investments in the Russian far east in the fields of pharmaceuticals and diamonds.
      • India can also have cooperation in the mobility of talent. Indian talent has contributed to the development of many resource-rich regions of the world. 
        • The talent and professionalism of Indians can bring about rapid development in the Russian Far East.
    • Connectivity:
      • Connectivity projects like the International North-South Corridor, the Chennai-Vladivostok Maritime Corridor or the Northern Sea Route, will play an important role in the development of India and Russia.
    • Coking coal supply:
      • Russia can become an important partner for the Indian steel industry through coking coal supply. 

Eastern Economic Forum

  • EEF is an international forum organised each year in Vladivostok, Russia. 
  • It was first held in September 2015, at Far Eastern Federal University in Vladivostok, to support the economic development of Russia’s Far East and to expand international cooperation in the Asia-Pacific region. 
  • This forum is sponsored by the organizing committee appointed by Roscongress.
  • This forum serves as a platform for the discussion of key issues in the world economy, regional integration, and the development of new industrial and technological sectors, as well as of the global challenges facing Russia and other nations.

About the Far East

  • It is the easternmost part of Russia. 
  • It borders two oceans, the Pacific and the Arctic, and five countries (China, Japan, Mongolia, the United States and the DPRK).
  • The Far Eastern Federal District covers more than a third of the country’s territory.
  • It is rich in natural resources like diamonds, stannary, borax materials, 50 gold, tungsten, and fish and seafood. 
  • About 1/3 of all coal reserves and hydro-engineering resources of the country are here. 
  • Forests of the region comprise about 30% of the total forest area of Russia.

India-Russia Relations

  • Political Relations: 
    • The Annual Summit meeting between the Prime Minister of India and the President of the Russian Federation is the highest institutionalized dialogue mechanism in the strategic partnership between India and Russia. So far 20 Annual Summit meetings have taken place alternatively in India and Russia. 
  • International/Multilateral Organizations and Connectivity Projects:
    • BRICS
    • SCO
    • UN Security Council: India & Russia reaffirmed the need to reform the UNSC to better reflect the current world order.
    • Nuclear Suppliers Group (NSG): Russia has been a long-standing supporter of India’s membership of the NSG. 
  • Economic Relations: 
    • Trade:
      • Both sides revised targets of increasing bilateral investment to US $ 50 billion and bilateral trade to the US $ 30 billion by 2025. 
    • Bilateral investment: 
      • Russian investment in India in 2017 has reached 18bn USD and India’s total investment in Russia so far is 13 bn USD. The investment target of 30 bn USD by 2025 has been achieved.
  • Science & Technology: 
    • The Working Group on Science and Technology functioning under IRIGC-TEC, the Integrated Long Term Programme (ILTP) and the Basic Science Cooperation Programme are the three main institutional mechanisms for bilateral Science and Technology cooperation.
    • Nuclear Energy: 
      • Russia recognizes India as a country with advanced nuclear technology with an impeccable non-proliferation record. Kudankulam Nuclear Power Plant (KKNPP) is being built in India with Russian cooperation. 
    • Space Cooperation: 
      • Both sides cooperate in the peaceful uses of outer space, including satellite launches, GLONASS navigation system, remote sensing and other societal applications of outer space.
  • Cultural Cooperation: 
    • There is a strong tradition of Indian studies in Russia. JNCC maintains close cooperation with leading Russian institutions. There is strong interest among Russian people in Indian dance, music, yoga and Ayurveda.

International North-South Transport Corridor (INSTC)

  • The legal framework for the INSTC is provided by a trilateral agreement signed by India, Iran and Russia at the Euro-Asian Conference on Transport in 2000. 
  • Aim: 
    • To reduce the carriage cost between India and Russia by about 30% and reduce the transit time from 40 days by more than half.
    • The corridor is expected to consolidate the emerging Eurasian Free Trade Area.
  • Components:
    • Northern and Western Europe –– the Russian Federation; 
    • Caucasus –– Persian Gulf (Western route); 
    • Central Asia –– Persian Gulf (Eastern Route); 
    • Caspian Sea – -Iran Persian Gulf (Central Route).
  • Connectivity & Length:
    • It is a 7,200-km multi-modal transport corridor that combines road, rail and maritime routes connecting Russia and India via Central Asia and Iran. 
    • It links the Indian Ocean to the Caspian Sea via the Persian Gulf onwards into Russia and Northern Europe.
    • It offers the shortest connectivity route between India and Russia.

Chennai Vladivostok Maritime Corridor

  • It is a proposed sea route covering approximately 10,300 km.
  • The corridor aims at increasing bilateral trade between India and Russia.

The Northern Sea Route (NSR)

  • It is a shipping route officially defined by Russian legislation as lying east of Novaya Zemlya and specifically running along the Russian Arctic coast from the Kara Sea, along Siberia, to the Bering Strait. 
  • The entire route lies in Arctic waters and within Russia’s exclusive economic zone (EEZ).

 

Source: TH

 
Previous article India-Bangladesh River Pact
Next article Queen Elizabeth II