Russia Will Actively Participate In OBOR: Putin

Economy

Russia Will Actively Participate In OBOR: Putin

Russia supports One Belt, One Road project and will participate actively in it, as it is important that integration in the Eurasian space is based on generally recognised rules and transparency, according to Russian President Vladimir Putin. The tasks formulated by the President of the People's Republic of China Xi Jinping within the framework of the project are large scale, but also difficult in implementation, Putin said at a roundtable on the second day of the Belt and Road Forum.

"All that is proposed follows the trend of modern development, and is extremely necessary and highly demanded. That is why Russia not only supports One Belt, One Road project, but will also actively participate in its implementation together with Chinese partners and, of course, with all other interested countries," Putin said.

According to him, creation of a belt of economic development and mutually beneficial trade between Asia and Europe seems to be an urgent and important initiative that takes into account the current trends in the world economy, and reflects the overall need for coordination in diverse integration processes in the Eurasian continent and in other regions of the world.

Around 50 countries in Europe and Asia show interest in cooperation with the Eurasian Economic Union (EAEU), Putin said. "EAEU's external relations are confidently expanding. Around 50 countries from Europe, Asia, and Latin America are showing interest in cooperation with the Union," Putin said.

He noted that negotiations are under way on agreement on trade and economic co-operation between the EAEU and China, on free trade with Israel, as well as agreements on launching consultations with Egypt, Iran, India, Serbia and Singapore. "In general, we are talking about the so-called big Eurasian partnership. That was meant to create a system for simplifying bilateral and multilateral agreements in such spheres like customs, sanitary and phytosanitary control, field cooperation and investments, protection of intellectual property rights," Putin said at the the Belt and Road Forum.