Ties in oil, gas sector to be focus of PM Modi’s Russia trip

  1. Indian Prime minister will be visiting the Russian city of Vladivostok as the guest of honour at Eastern Economic Forum(EEF).The bilateral summit will also be held on the sidelines of the EEF.
  2. During the summit,India and Russia will roll out a five-year roadmap for stronger cooperation in the oil and gas sector apart from pacts on skills development, mining, medicine, education and agriculture.
  3. At present,India relies heavily on the Gulf region for its energy requirement.Hence,India is looking at Russia as a major source of hydrocarbons.
  4. The two countries will also explore the possibility of opening a maritime route connecting Chennai with Vladivostok as it could link Europe as well through the Arctic route.
  5. Further,the two countries are expected to discuss a proposal to establish a free trade zone between India and the Eurasian Economic Union (EAEU).
  6. EAEU a five-nation grouping comprising Russia, Kazakhstan, Kyrgyzstan, Armenia and Belarus.The group was formed in 2015 to create conditions for the stable development of economies of the member states.