Context:

The recently concluded 9^th Eastern Economic Forum (EEF) focusing on the development of Russia’s Far East region and expanding international cooperation in the Asia-Pacific region.

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• Representatives from over 40 nations participate in the EEF held between 3 to 6 September 2024 in Vladivostok, Russia.
• India is represented in the forum by Arya Jha, who currently serves as the International Secretary of the World Organisation of Students and Youth (WOSY).
• WOSY, founded in 1985, promotes the values of international understanding, peace, and co-existence among students and youth. It is headquartered in New Delhi.
• The Russia-India Business Dialogue, also held on the same day, focus on the development of trade and transport links between Both the countries.

The Eastern Economic Forum

• It was established in 2015 by a decree of the Russian president and is held each year in Vladivostok, Russia.
• It is a major platform that aims to develop the economy of the Far East and expand international cooperation in the Asia-Pacific region.
• The Forum’s business programme includes a number of business dialogues with leading partner countries in the Asia-Pacific region, and with ASEAN, a key integration organization that unites rapidly developing nations in Southeast Asia.

Russia’s Far East (RFE) Region

• The region encompasses one-third of Russia’s territory and is rich with natural resources such as fish, oil, natural gas, wood, diamonds and other minerals.
• The region’s riches and resources contribute to five per cent of Russia’s GDP. 
• The RFE is geographically placed at a strategic location; acting as a gateway into Asia.

India in the Russian Far East

• In 1992, India became the first country to set up a consulate in Vladivostok, the largest metropolitan center in the RFE.
• In 2019, Indian prime minister announced an unprecedented $1 billion line of credit from India for the Far East and its development.
• India and Russia have committed to establishing a sea link between Vladivostok and Chennai to reduce shipping time between Russia and India from 40 days to 24 days.