MOSCOW, May 25. /TASS/. Russia awaits registration of the Sputnik V coronavirus vaccine in Saudi Arabia and is ready to start supplies immediately after completion of this procedure, Deputy Prime Minister Alexander Novak says at the intergovernmental commission’s videoconference meeting.

"The vaccine proved its worth in combating the COVID-19. It is registered in 66 countries of the world," the official says. "We are ready now to make relevant contracts that can come into force immediately after the registration procedure," Novak noted.

Russia has become the world’s first country that registered the coronavirus vaccine. The Russian flagship vaccine Sputnik V is registered in countries accounting for about 40% of the global population.

Economic cooperation between Russia and Saudi Arabia 

During the meeting, Russia has also made a proposal to Saudi Arabia to start cooperation in the sphere of hydrogen production and electric power accumulation.

"We believe it is important to promote cooperation in technology and investments, including the hydrogen energy sector. In this regard we have a proposal to set up a working group on the development of hydrogen energy and elaboration of energy accumulation technologies," Novak mentioned, proceeding with "Russia and Saudi Arabia have huge prospects for cooperation in the sphere of pharmaceuticals, medical equipment, water desalination, industrial and transport infrastructure development, innovative technologies and urban development." 

On top of that, Novak reported that "Russia and Saudi Arabia aim to increase trade to $5 bln by 2024 through liberalization of mutual trade and preferences".

"The goal point us is to bring the volume of trade between our countries to $5 bln by 2024," he said, adding "An important step for this could be liberalization of bilateral trade, as well as the creation of a preferential regime in trade between our countries".

Novak also noted that implementing the tasks of a comprehensive increase and diversification of economic cooperation between the two countries is intended to contribute to the adopted program of high-level Russian-Saudi strategic cooperation. "And today a roadmap for the implementation of this program has been agreed. We will approve it today with a final protocol," he added.

Russia has also proposed to start cooperation in the sphere of hydrogen production and electric power accumulation to Saudi Arabia, Novak resumed. "We believe it is important to promote cooperation in technology and investments, including the hydrogen energy sector. In this regard we have a proposal to set up a working group on the development of hydrogen energy and elaboration of energy accumulation technologies," Novak concluded.