Russia plans to discuss development of transport corridors, payment systems at APEC summit
LIMA. Nov 14 (Interfax) - Russia will present the opportunities of using its transport corridors for the development of global trade at the APEC summit, Russian Deputy Prime Minister Alexei Overchuk said, adding that the Russian delegation would suggest ways to develop payment mechanisms in trade during bilateral meetings.
"Economic barriers include transport connectivity in the region, so we will talk about the North-South corridor, various routes. Of course, these are, traditionally, our Tran-Siberian Railway and the Baikal-Amur Mainline, as well as the actively developing Northern Sea Route. We will inform the heads of state on these initiatives, too," Overchuk said in response to a question what issues the Russian delegation would highlight at the summit in Peru.
"I will speak about the Northern Sea Route. I am planning to do that, especially as we are taking great efforts to develop this route both in terms of construction of an icebreaking fleet, including a fleet of nuclear-powered icebreakers, and in terms of the availability of escort and security systems and port infrastructure. We are investing heavily in these areas. The Northern Sea Route is a very important trade route," Overchuk said.
The Northern Sea Route transported about 36 million tonnes of cargo last year, he said. "That's a substantial figure. We are planning further enlargement," he said, adding Russia still aims at increasing cargo transportation by the Norther Sea Route to 80 million tonnes.
Overchuk confirmed Russia's interest in developing its own logistics infrastructure in Latin America and said, "We are considering points of entry." He added, however, that Russia would not raise the issue at the current APEC summit.
Speaking of another international trade barrier, payment infrastructure restrictions, Overchuk said, these issues are traditionally discussed in the bilateral format. Russia has ideas on forming payment instruments for trade, Overchuk said. As to whether Russia plans to put forward its proposals during the delegation's visit to Lima, he said, "Yes, at bilateral meetings."
"Clearly, payment infrastructure is an essential element of the trade system, and, as a rule, any current hindrances to transactions are unlawful," Overchuk said.
Ways to increase the efficiency of the World Trade Organization (WTO) are regularly discussed at APEC, he said. "The WTO is an issue constantly raised at the APEC venue, and many states express concern, both at APEC and elsewhere, about the completely dysfunctional WTO and the actual inoperability of arbitration mechanisms. So, of course, we want WTO mechanisms to work," Overchuk said.
Besides lifting trade barriers, the APEC summit is expected to address higher availability of electricity generation and the introduction of green technologies in this area, taking into account the interests of developing countries, as well as digitalization of artificial intelligence regulation, and the involvement of people working in the "gray" sectors in the economy. Russia is ready to share its experience with APEC members in the field of the self-employment mechanism and digitalization of logistics infrastructure, Overchuk said.
The APEC 2024 summit is taking place in the capital of the presiding country, Peru, on November 9-16. Overchuk leads the Russian delegation, same as he did the year before, when the APEC summit was hosted by San Francisco.
