[Answered] What is the Eastern Economic Forum? Highlight the Significance of the Eastern Economic Forum for India.

The Eastern Economic Forum (EEF) was established in 2015 to encourage foreign investments in the Russia’s Far East (RFE). The EEF displays the economic potential, suitable business conditions and investment opportunities in the region. It 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.

The RFE is geographically placed at a strategic location; acting as a gateway into Asia. EEF has emerged as an effective platform for discussing strategy for developing political, economic and cultural ties between Russia and Asia-Pacific region. China is the biggest investor in the region as it sees potential in promoting the Chinese Belt and Road Initiative and the Polar Sea Route in the RFE.

Significance of the Eastern Economic Forum for India:

• India and Russia are planning to expand the level of trade between the two countries. Hence, an area of special interest for India is the exploration of hydrocarbon reserves along the coast of Russia’s Far East.
• To deepen Russian-Indian cooperation in high latitudes in bilateral and multilateral formats, including the Arctic Council.
• Apart from traditional areas of cooperation such as weapons, nuclear energy (Kudankulam), space (Gaganyaan) and diamonds, new sectors of economic engagement are likely to emerge in mining, agro-industrial and high technology, including robotics, nanotech, and biotech.
• This is a historic opportunity to extend Act Far East Policy. Engaging closely with East Asia was in line with India’s policy goal of “Act East”.
• The two countries’ leaders set the goal to reach a volume of mutual trade equal to 30 billion dollars by 2025.
• India and Russia determined to forge cooperation in geological exploration and joint development of oil and gas fields in Russia and India, including offshore fields. 
• There are plans to connect the port of Chennai with Vladivostok, the largest city in the Russian Far East.

India and Russia continue to share a common strategic rationale for their relationship. India needs to pursue and facilitate Russia’s engagement in the Indo Pacific as it could contribute to make the Indo Pacific truly free and inclusive.