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Russia, China to discuss creating common economic space — statement

May 08, 2015, 16:55 UTC+3 MOSCOW

A common economic space is the next stage of economic integration after a free trade area and a customs union

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© Artyom Korotayev/TASS

MOSCOW, May 8. /TASS/. Russia and China will discuss creating a common economic space as part of the process of integrating the Eurasian Economic Union (EEU) and the Silk Road economic corridor projects, according to a statement made by the Russian and Chinese leaders on Friday.

The statement was issued after talks between Russian President Vladimir Putin and his Chinese counterpart Xi Jinping in Moscow.

The Silk Road economic belt project envisages creating a transport, energy and trade corridor between Central, South Asia and Europe, for which China plans to allocate $40 billion through a special fund.

The project’s idea was put forward by China’s leader Xi in September 2013.

A common economic space is the next stage of economic integration after a free trade area and a customs union. The statement also says the sides will consider creating a free trade zone as a long-term goal.

"The sides support the launch of a dialog mechanism between the EEU and China for conjugating the Eurasian economic integration and the construction of the Silk Road economic belt," the statement says.

"They will also contribute to discussions of the issues of interaction with the participation of the expert community in the interests of creating a common economic space," the document says.

Russia and China will set up a joint working group with the participation of representatives of the departments concerned, which will be headed by the Foreign Ministries of Russia and China.

"The sides will exercise control over the implementation of the accords reached as part of regular meetings between the heads of government of Russia and China, and also as part of other bilateral interaction mechanisms," the statement said.

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