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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.
- In 2019 India announced a commitment to an “Act Far-East” policy.
- 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.
- Arctic region:
Eastern Economic Forum
About the Far East
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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.
- Trade:
- 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)
Chennai Vladivostok Maritime Corridor
The Northern Sea Route (NSR)
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Source: TH
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