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Russia, Finland to resume normal trade relations in 7-8 years — trade representative

October 30, 2015, 16:59 UTC+3 HELSINKI
The trade turnover between the two neighboring states will stand at $10.2 bln this year
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Trucks at the Russia-Finland border

Trucks at the Russia-Finland border

© Yuri Belinsky/TASS

HELSINKI, October 30. /TASS/. The trade and economic relations between Russia and Finland may be resumed by around 2022-2023, Russian trade representative in the country Valery Shlyamin told TASS on Friday.

The trade turnover between the two neighboring states will stand at $10.2 bln this year, Shlyamin said.

"Total trade between Russia and Finland decreased by 14.7% in 2014, according to the data provided by Russian customs services. In January-August 2015, it equaled to $6.5 bln, a 42.5% decrease year-on-year. Russian export totaled $4.8 bln, a 41.3% decrease while import stood at $1.8 bln, a 45.6% decrease," he said, adding that "in 2015, Russian export is expected to reach $7.5 bln while import will stand at $2.7 bln."

Shlyamin also said that this year the trajectory of trade turnover dynamics between the two countries reached its lowest point.

Experts at Russia’s trade representation in Finland expect "a sustainable trend towards restoration of trade relations within the nearest 5 years."

"However, unfortunately, the trade turnover in 2020 will be a far cry from 2013 mainly due to $50 per barrel oil price keeping for a long period of time. Given a combination of factors, which influence the development of our trade relations, in a foreseeable future we’ll be able to reach the previous level of trade turnover by around 2022-2023," Shlyamin said.

He added that commodities — energy resources, wood and some others - will still account for the bulk of Russian exports to Finland /over 60%/ while their share in Russia’s export structure will decline.

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