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Credit to Russia - Shanmugam IAS academy in coimbatore
Credit to Russia

USD 1 BN CREDIT TO RUSSIA’S FAR EAST

What’s in news?

Prime Minister Narendra Modi said India would walk with Russia in its development of the Far East for which it would extend a $1 billion line of credit.

In this 20th summit Prime Minister Modi and President Putin of Russia exchanged few agreements.

Background:

  • In December 2014, the countries’ leaders set a goal to bring bilateral trade and investment figures to $30 billion by 2025.
  • By 2017, investments from two-side have crossed $50 billion.

Key data’s:

  • PM Narendra Modi and Russian President Vladimir Putin held delegation-level talks in Vladivostok, Russia. 
  • The announcement of financial assistance to the Far East came in the session of the 5th Eastern Economic Forum (EEF) which was held in Vladivostok.
  • With this, Modi was the first PM from India to reach Far East Region of Europe.
  • The two leaders also had discussion on expanding spectrum of bilateral ties, bolstering cooperation in trade and investment, oil and gas, mining, nuclear energy, defence and security sectors.
  • Multiple delegations of state authorities and business from both countries have visited each other since the beginning of 2019
  • Expanding economic cooperation is one of the key challenges for New Delhi and Moscow.

Agreements in the summit:

  • The latest and largest delegation of four chief ministers and over 130 companies was headed by Minister of Railways and Minister of Commerce & Industry Piyush Goyal.
  • List of MoUs/Agreements exchanged during visit of Prime Minister Modi to Vladivostok
  1. Joint Statement “Reaching New Heights of Cooperation through Trust and Partnership”.
  2. Joint Strategy for the Enhancement of India- Russia Trade and Investments.
  3. Agreement on the cooperation in the production of spare parts for Russian/Soviet military equipment.
  4. Agreement on Cooperation in Audiovisual Co-production.
  5. MoU on bilateral cooperation in the road transport and road industry.
  6. MoU on the Development of Maritime Communications between the Port of Chennai, Republic of India and the Port of Vladivostok, Russian Federation.
  7. Plan for cooperation between the Central Board of Indirect Taxes and Customs (India) and the Federal Customs Service (Russia), for combating customs violations in 2019-2022.
  8. MoU between on the use of Natural Gas for Transportation and expansion of cooperation in oil and gas sector.
  9. MoU to cooperate in coking coal mining projects implementation in the Russian Far East.
  10. Cooperation Agreement between Invest India and the Russian Direct Investment Fund for Investment Collaboration.
  11. MoU between the Joint Stock Company NOVATEK and PETRONET LNG Limited on joint development of downstream LNG Business and LNG supplies.

Act Far East policy:

The prime minister, in the presence of Russian President Vladimir Putin, also unveiled the “Act Far East” policy to boost India’s engagement with Russia’s Far East region.

 

Links to note:

https://www.iasipstnpsc.in/eastern-economic-forum/

https://www.thehindubusinessline.com/news/to-develop-russias-far-east-india-to-give-usd-1-billion-line-of-credit-says-pm-modi/article29341541.ece

https://www.thequint.com/pti/pm-narendra-modi-russia-two-day-visit

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