EASTERN ECONOMIC FORUM, 2023

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Context

• The 8th Eastern Economic Forum 2023 is taking place between 10–13 September 2023 in Vladivostok.
• The Union Minister of Ports, Shipping & Waterways and Ayush left for Russia to represent India at the Eastern Economic Forum which is being held at the Russian port city of Vladivostok.

Eastern Economic Forum

About

• Eastern Economic Forum is an international forum held each year in Vladivostok, Russia.
• The Eastern Economic Forum is a key international platform for establishing and strengthening ties within the Russian and global investment communities, and for comprehensive expert evaluation of the economic potential of the Russian Far East, the investment opportunities it offers, and business conditions within advanced special economic zones.

Establishment

• The Eastern Economic Forum was established by decree of the President of the Russian Federation Vladimir Putin in 2015 to support the economic development of Russia’s Far East and to expand international cooperation in the Asia-Pacific region.

Sponsors

• The Far East Economic Forum is sponsored by the organizing committee appointed by Roscongress, an association of the Russian Government, which also sponsors other international forums, such as St. Petersburg International Economic Forum.

India in the 8th Eastern Economic Forum 2023

• The Union Minister of Ports, Shipping & Waterways and Ayush, Shri Sarbananda Sonowal left for Russia to represent India at the Eastern Economic Forum.
• Shri Sonowal will be addressing the India-Russia Business Dialogue at the Eastern Economic Forum where he will be highlighting the pivotal role of trade, commerce, and business in fostering stability and sustainability within the special and privileged strategic partnership between India and Russia.
• India’s Shipping Minister will also be speaking at the session on Eastern Maritime Corridor. Aim: To further strengthen the bilateral relation between the two countries, including exploring possibilities of the Northern Sea Route and establishing a Trans-Shipment Hub in the Bay of Bengal.

Eastern Maritime Corridor [Vladivostok-Chennai Maritime]

• Vladivostok-Chennai Maritime Corridor is a proposed full-fledged sea route of approximately 5,600 nautical miles between Russia’s eastern port city, Vladivostok, and Chennai on the Eastern Indian seaboard.
• This shipping link would enable to transfer of cargo between Chennai and Vladivostok in 24 days in comparison to over 40 days currently taken to transport goods from India to Far East Russia via Europe.
• Passing through the Sea of Japan, South China Sea, and Strait of Malacca, the maritime corridor aims to counterbalance China’s growing influence in Southeast Asia by posing grave security and economic challenges to their Maritime Silk Road.
• The Eastern Maritime Corridor is aimed at reducing cargo transit times between our nations. The journey from Indian ports to the Russian Far East takes just 24 days, compared to 30 days through the port of Novorossiysk.
• This corridor holds immense potential to unlock new opportunities for trade and cooperation for both India and Russia.

 

PRACTICE QUESTION Q. Consider the following statements. 1.The Eastern Economic Forum is an international forum held each year in Japan. 2.Vladivostok-Chennai Maritime Corridor is a proposed full-fledged sea route of approximately 5,600 nautical miles between Russia’s eastern port city, Vladivostok, and Chennai on the Eastern Indian seaboard. 3.Eastern Maritime Corridor passes through the Sea of Japan, the South China Sea, and the Strait of Malacca. How many of the above statements are correct? A) Only 1 B) Only 2 C) All 3 D) None Answer: C) All 3

https://pib.gov.in/PressReleasePage.aspx?PRID=1956251