The Indian Prime Minister recently featured in the plenary session of the 6th Eastern Economic Forum (EEF), which was attended via video conferencing. The PM’s speech highlighted the significance of India-Russia’s partnership, emphasizing various areas with potential for cooperation under the ‘Special and Privileged Strategic Partnership’.
The Highlights of the PM’s Address
The Prime Minister acknowledged Russia’s development vision for the Far East region, reaffirming India’s commitment to being a consistent partner in this endeavor under its ‘Act East Policy’. He underscored the essential role of the health and pharmaceutical sectors, particularly in light of the ongoing pandemic. Other opportunities for economic partnership were identified in industries such as diamond, coking coal, steel, and timber.
About the Eastern Economic Forum
Established by the President of the Russian Federation in 2015, the EEF is held annually in Vladivostok, Russia. The forum functions as a platform for discussing crucial global economic issues, regional integration, industrial and technological sector development, as well as international challenges facing Russia and other countries.
Its business program includes dialogues with significant partner countries from the Asia-Pacific region and ASEAN (Association of Southeast Asian Nations). Over time, it has evolved into an international platform focusing on enhancing political, economic, and cultural relations between Russia and the Asia-Pacific region.
The Significance of India-Russia Relations
The India-Russia relationship plays a critical role in maintaining a balance of power amid Chinese aggression along eastern Ladakh’s border areas. This relationship proved instrumental in mitigating tensions with China following deadly clashes in the disputed Galwan Valley territory. A trilateral meeting between the foreign ministers of Russia, India, and China was organized by Russia to defuse the situation.
Emerging New Sectors of Economic Engagement
Beyond traditional sectors like weapons, hydrocarbons, nuclear energy, space and diamonds, emerging sectors such as mining, agro-industrial, and high technology (robotics, nanotech, biotech) could offer new frontiers for economic engagement. There are expectations for increased Indian presence in the Russian Far East and the Arctic, with potential boosts for connectivity projects.
Reviving the Eurasian Economic Union
Russia is keen to harness India’s soft power to legitimize the success of the Eurasian Economic Union and reclaim its Cold War era hegemony.
Fighting Against Terrorism
India and Russia are working on closing the gap concerning Afghanistan and have jointly called for an early finalization of the Comprehensive Convention on International Terrorism.
Multilateral Forum Support and Diplomacy
Russia supports India’s bid for permanent membership in a reformed United Nations Security Council and the Nuclear Suppliers Group. The long-standing diplomatic relationship between the two nations has been invaluable as Russia has provided not only military equipment but also diplomatic support on various regional concerns.
Defence Cooperation
The majority (60-70%) of New Delhi’s defence equipment still comes from Russia, despite conscious efforts to diversify its defence purchases. The BrahMos Missile System and the licensed production of SU-30 aircraft and T-90 tanks in India are prominent examples. Other instances of close military cooperation include the Indra exercises – joint tri-services involving the Army, Navy, and Air Force.