Eastern Economic Forum (EEF)

Why in news?

• Prime Minister Shri Narendra Modi delivered a video-address during the plenary session of the 6th Eastern Economic Forum (EEF) held on 3 September 2021 in Vladivostok, Russia.

About EEF:

• It is an international forum held each year since 2015 in Vladivostok, Russia, for the purpose of encouraging foreign investment in the Russian Far East.
• It also aims to expand international cooperation in the Asia-Pacific region.
• Among the participants in the Summit are India, Malaysia, Japan, Australia, and South Korea

What is India’s interest in the EEF?

• EEF is an historic opportunity to give new impetus to the cooperation between India and Russia
• With the participation in this forum India is interested in expanding the level of trade between Russia. India also eyes for exploration of hydrocarbon reserves along the coast of Russia’s Far East.

About Russian Far East:

• It is a region in Northeast Asia. It is the easternmost part of Russia, and is administered as part of the Far Eastern Federal District, which is located between Lake Baikal and the Pacific Ocean
• It shares land borders with Mongolia, China, and North Korea to its south, as well as maritime boundaries with Japan to its southeast, and with the United States along the Bering Strait to its northeast.
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• Although it is rich in natural resources including minerals, hydrocarbons, timber and fish, it is an economically underdeveloped region.
• Russia is the largest investment destination for the Indian oil and gas companies and Indian public sector companies have made investments in Russia Far East and East Siberia, in oil and gas assets such as Sakhalin-1, Vankor and Taas-Yuryakh.
• The proposed Chennai-Vladivostok Eastern maritime corridor, covering approximately 5,600 nautical miles, aimed at increasing bilateral trade between India and Russia.

PRACTICE QUESTION

‘Eastern Economic Forum’, sometimes seen in news, is associated with which of the following country?

(a) Japan

(b) Russia

(c) China

(d) South Korea

Answer