Russia sets different goals for trade partnerships with China, India - foreign economic activity strategy
MOSCOW. Jan 20 (Interfax) - The goals of Russia's trade and economic partnerships differ depending on the country; for example, with China it is increasing non-resource, non-energy exports, and with India it is balancing trade, according to government materials for a strategic session on the development of foreign economic activity (FEA strategy).
"The central element of the entire toolkit [for implementing the FEA strategy] are country cooperation plans, which are comprehensive programs of measures across all partnership areas. Country plans are in effect for all 26 anchor countries and Africa. They are being implemented most successfully with China, Cuba, Uzbekistan and India, and among the most active areas of interaction are industrial and transport and logistics partnerships, information technology and tourism," the document says.
According to the materials, "trade and economic partnership is the most developed, both in terms of forming a standard and a set of measures. The goals of the partnership will differ depending on the country. With some countries, like India, it is balancing trade [exports from Russia to India are an order of magnitude higher than imports from India]. With others, like China, it is increasing non-resource, non-energy exports."
The document also notes that "when selecting countries for partnerships, it is necessary to focus on their geographical proximity, share in the global economy and growth forecast, as well as the amount of mutual trade and investment and the presence of barriers."
Clear target indicators are defined for this direction, primarily growth in trade turnover and investment.
"A set of standard measures has been developed for these goals. In the area of goods trade, this includes ensuring duty-free access through a free trade agreement with the EAEU [Eurasian Economic Union], eliminating barriers (anti-dumping, non-tariff, technical), and supporting exports, primarily within the framework of sectoral partnerships. For imports, measures include forming a list of strategically important goods and organizing business missions," the materials say.
Work on trade in services "is aimed not only at exporting them but also at creating infrastructure for goods trade through the development of logistics, insurance and financial services."
"The investment block aims to create favorable conditions for Russian investors and support priority projects, similar to the existing practice of cooperation with China. Key instruments are concluding and updating agreements on the promotion and mutual protection of investments," it said.
