Once the domain of Polar Bears, Scientists, and Explorers, the Arctic is getting a lot of attention from those wishing to exploit its rapidly thawing resources.

The Arctic Council agreed on Wednesday to accept Japan, China, South Korea and 3 others as observers amid rising interest in the region's rich natural resources. The council is made up of the eight Arctic nations: Canada, Denmark, Finland, Iceland, Norway, Russia, Sweden and the United States.

With the Arctic ice melting, the region’s abundant supplies of oil, gas and minerals are becoming newly accessible, as are previously inaccessible shipping routes and open water for commercial fishing.  Companies in member countries are stepping up natural resource development in the Arctic amid shrinking of ice coverage, which is definitely due to global warming. 

The Arctic Council admitted the new observer nations at its meeting in Kiruna, Sweden, US Secretary of State John Kerry, Russian Foreign Minister Sergei Lavrov and other officials also discussing sustainable development and environmental protection, and how members could jointly handle crude oil spills.

India, Italy, and Singapore are the other three nations given observer status on the Arctic Council.