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Trade turnover between Russia, Japan falls by almost 40% over first 9 months of 2016

Economic cooperation between Moscow and Tokyo is developing in accordance with the eight point plan put forward by Japanese Prime Minister Shinzo Abe at his meeting with Putin in Sochi on May 6

© EPA/TORU HANAI/POOL

TOKYO, December 16. /TASS/. Trade turnover between Russia and Japan has fallen by almost 40% over the first nine months of 2016 and barely exceeded $10 billion, Russian Deputy Economic Development Minister Stanislav Voskresensky said on Friday at the Russian-Japanese business forum on Tokyo held in the framework of Russian President Vladimir Putin's visit to Japan.

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CEO: Improvement of business climate may help Russia, Japan overcome decline in trade

"Economic relations between our countries develop rather dynamically though there is nothing to boast about yet. Trade turnover fell almost by 40% over the nine months of this year, it barely exceeded $10 billion," Vosresensky said.

"Among countries that serve as destinations for Japanese investment, for instance, Russia is only at the 28th place," he added. "At the same time, we hope that those proposals that Japanese Prime Minister Shinzo Abe made to Russian President Vladimir Putin in Sochi will take us to a different level of cooperation," he concluded.

Economic cooperation between Moscow and Tokyo is developing in accordance with the eight point plan put forward by Japanese Prime Minister Shinzo Abe at his meeting with Putin in Sochi on May 6. The plan envisages strengthening bilateral relations in the spheres of energy, small and medium business, industrialization of the Far East, expansion of the export base. The plan also includes a proposal on strengthening cooperation in the spheres of cutting-edge technologies, including nuclear energy, and humanitarian exchanges.

The Russian-Japanese business forum has opened in Tokyo today. In the framework of the forum, eight sessions will be held on different issues, including urban development, energy, healthcare, as well as a plenary session where the leaders of Russia and Japan are expected to make speeches. Japan is represented at the business forum by heads of large corporations, including JGC Corporation, Sojitz, Mitsui & Co, Chiyoda Corporation. Russia is represented by heads of Rusagro, Ryshydro, ABBYY, and Skolkovo Fund.

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