India will send a high-level delegation to the Eastern Economic Forum (EEF) to be held in Vladivostok from September 3 to 6. The aim of the forum is to expand its presence in the region, which is rich in natural resources including fossil fuels, coal and critical minerals.

The Modi government could send a cabinet minister to lead the delegation to the EEF, which would also cover maritime transport corridors.

Following the annual summit in Moscow in July, both sides are pushing ahead with the full implementation of the Vladivostok-Chennai Eastern Sea Corridor and want to connect it with the resource-rich Arctic region. It has also been announced that India and Russia are planning a joint shipbuilding project for maritime trade.

India is planning a transshipment hub in the Bay of Bengal. While the Eastern Sea Corridor Vladivostok-Chennai has already been commissioned, additional infrastructure needs to be created in Chennai to handle the additional trade volume. In 2023, Shipping Minister Sarbananda Sonowal represented India at the EEF.

Prime Minister Narendra Modi and President Vladimir Putin decided at their annual summit to intensify trade and investment cooperation in the Far East and the Arctic zone of the Russian Federation.

New Delhi and Moscow have signed a programme on India-Russia cooperation in trade, economy and investment in the Russian Far East for 2024-2029 and on principles of cooperation in the Arctic zone of the Russian Federation. The cooperation programme will provide the necessary framework for further cooperation between India and the Russian Far East region.