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Putin sees boom in Asia-Pacific trade with Europe via Russia

Publication Date : 07-09-2012

 

Russian President Vladimir Putin says the Asia-Pacific region's trade with Europe via Russia will surge by at least five-fold by 2020 as traditional sea routes become less competitive.

His remarks came in a commentary published by the Wall Street Journal ahead of a summit of leaders from the Asia-Pacific Economic Cooperation (Apec) forum in the Pacific Russian city of Vladivostok this weekend.

"Closer integration of economic models, regulation and technical standards among the EU, Apec and the Eurasian Economic Union would offer businesses the ability to operate seamlessly across a vast area," Putin wrote.

"We and our partners can bring it closer by discussing a 'transport profile' for such an integration project, aiming to build an efficient system for managing logistical risks and diversify trade routes.

"In this regard, Russia has much to offer. We are already building modern ports in the Russian Far East, modernising the transportation and shipment infrastructure, and improving national customs and administrative procedures."

Putin said these projects were expected to "increase traffic flow between Europe and the Asian-Pacific region via Russia's territory no less than fivefold by 2020.

"Such shipments are cost-competitive with the traditional routes through the Strait of Malacca and the Suez Canal, and offer advantages in terms of speed and safety," he said.

Formed in 1989, Apec groups 21 economies in the Asia-Pacific region including all Asean members except Cambodia, Laos and Myanmar. Russia joined Apec along with Peru and Vietnam in 1998. No new members have joined since.

 

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