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Putin says cooperation with Asia-Pacific states top priority for Russia

November 10, 2014, 10:32 UTC+3 BEIJING

Moscow is set set to make every effort to develop the multifaceted bilateral and multilateral cooperation, the Russian president said at the APEC business summit

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Russian President Vladimir Putin

Russian President Vladimir Putin

© TASS/Mikhail Klementiev

BEIJING, November 10. /TASS/. Russia and the countries of the Asia-Pacific region should use the potential of cooperation for making it mutually beneficial, Russian President Vladimir Putin said at a business summit of the Asia-Pacific Economic Cooperation (APEC) forum on Monday.

“Russia as a part of the Asia-Pacific region has to use those competitive advantages which this swiftly growing center of economic, technological and investment force represents,” Putin said.

“In its turn, the development of Siberia and the Far East offers a unique chance for the countries of this powerful region and a possibility to use the opening prospects here and further reinforce their potential,” he stressed.

Putin said the cooperation with the Asia-Pacific countries is a top priority for Russia.

“It is very important that our relations with the overwhelming majority of the region’s countries are characterized by positive and constructive relations,” he said.

“We appreciate this stance and we are set to make every effort to develop the multifaceted bilateral and multilateral cooperation,” the Russian leader said.

Need of structural reforms

Countries in the Asia-Pacific region and Russia need to undertake structural reforms to activate economic growth, Russian President Vladimir Putin said.

The Russian leader stressed that despite some recent negative trends in the global economy, many Asia-Pacific countries “have demonstrated positive dynamics while growth has eased only slightly”.

At the same time, to avoid a further slowdown in growth, “countries in the region will have to carry out significant structural reforms”, Putin said, adding that structural adjustments in the economy were also among Russia’s top priorities.

Asia-Pacific free trade zone

Russia backs an idea to create an Asia-Pacific free trade zone and hopes for cooperation between this format and the Eurasian Economic Union.

“We find concrete steps agreed to create a future Asia-Pacific free trade zone as an important achievement of Chinese presidency (in the Asia-Pacific Economic Co-operation forum),” Russian President Vladimir Putin said at an Asia-Pacific Economic Cooperation Business summit in the Chinese capital on Monday. “This format should take into account interests of its future participants, primarily business community as well as specific features of our economies and their significant differences amid development,” the Russian leader said.

“Certainly, a future Asia-Pacific free trade zone should cooperate with other major regional economic unions,” Putin said.

In this regard, the president recalled that the Eurasian Economic Union would start operating on January 1, 2015. “One of strategic goals for the union is to involve more actively in integration processes in the Asia-Pacific region,” he noted.

“Our union is already having talks on a free trade deal with Vietnam and is open for detailed talks with other regional economies,” Putin noted.

China may join major Russian exploration assets

Russia is considering a possibility that China could join major exploration assets in Russia, Russian President Vladimir Putin said at the Business summit of the Asia-Pacific Economic Cooperation (APEC) forum on Monday.

“We are also considering a possibility for Chinese partners to join major exploration assets of the Russian Federation,” the Russian leader said.

Payment in national currencies

Russia and China plan to use more actively rubles and yuan in mutual settlements, Russian President Vladimir Putin said at an Asia-Pacific Economic Co-operation summit in the Chinese capital on Monday.

“Within cooperation with that country (China) we plan to use national currencies more actively in settlements,” the Russian leader said, recalling that first deals are already paid in rubles and yuan.

Putin recalled that settlements in national currency are particularly planned in oil trade. “Our experts are studying such possibilities,” the Russian president said.

Payments in national currencies of such countries as China and Russia will allow influencing financial and energy markets, Russian President Vladimir Putin said at the APEC summit.

“Payments in national currencies between such partners as China and Russia — a very promising direction of our cooperation. It will allow broadening our possibilities in mutual trade and substantially influencing world financial and energy markets,” the president said.

On Sunday, Putin and Chinese counterpart Xi Jinping particularly discussed possible settlements in national currency. The presidents of the two countries “focused on mutual settlements in yuan in different spheres, including such sensitive spheres as military-technical co-operation that will strengthen yuan as a reserve regional currency,” Russian presidential spokesman Dmitry Peskov said after the meeting of the two leaders.

Business climate in Russia

According to Vladimir Putin, Russia’s authorities acknowledge that not everything has been done to improve business conditions in the country, but they know what needs to be done.

“An analysis of what is happening on the market, the feedback link with the business community gives us grounds to believe that the process is moving in the right direction and while not everything has been done, we are aware of what and how needs to be done,” Putin said.

Among the particular measures that Russia needs to focus on he named easing the process of connecting to infrastructure and diminishing pressure from the law enforcement system.


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