Russia plans to shift the emphasis in its foreign trade towards the Asia-Pacific Region; President Putin calls on APEC leaders to continue efforts to liberalize trade and develop integration; APEC economies aim to formulate a technology partnership;
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    • According to reports, First Deputy Prime Minister Igor Shuvalov has said that Russia plans to shift the emphasis in its foreign trade towards the Asia-Pacific Region and hoped that its trade with APEC economies will be more than its trade with Europe in the next 5-10 years. 1

    In another development, President Vladimir Putin has called on the leaders of the APEC economies to continue efforts to liberalize trade and promote integration processes in the Asia Pacific region. This statement was made during the APEC summit being held in Vladivostok and is seen as an attempt by Russia to play a more pro-active role in the Asia Pacific region. 2

    In the backdrop of the APEC summit being held at Vladivostok, leaders of APEC countries have discussed ways to create a technology sharing partnership. The promotion of technology innovation initiatives can be looked upon as an effective mechanism for accelerating Russia's development. 3

    President Putin has declared that he would like to settle all the history-rooted problems in relations between Russia and Japan. Putin had said that Japan is a key partner for Russia in the region and economic relations must be given priority. 4

    The Russian-US agreement on the mutual simplification of visa formalities has come into force from September 9, 2012. As per the agreement, three-year visas will be issued to allow Russian and U.S. citizens to visit each other's country several times and stay for six months after the arrival. Russia will issue business, private, humanitarian and tourist visas when direct invitations from citizens and organizations are received, and the United States will issue visas of the B1/B2 category (business/tourism). Visas will be issued as a rule within 15 days after the application is received. 5

    According to reports, the European Commission will check whether Gazprom has abused its dominant position on the gas markets of Central and East European countries relating to the division of markets and impediments to the free flow of gas to Europe; impeded diversification of energy supplies to the European Union; and push for high gas prices (disproportionate to the price of crude) on its clients. If Gazprom found guilty, it could be fined up to 10% of its annual turnover- roughly 10 billion Euros. 6

    In other developments, according to reports, Exxon Mobil Corporation and Rosneft Company are planning to start exploratory drilling on the shelf of Kara Sea during the year 2014-15. Exploratory drilling will also be launched on the Black Sea shelf within the same period. 7

    Russian Finance Minister Anton Siluanov has said that budget deficit in Russia in 2012 may be 0.2-0.3%.8

    The Russian company Atomstrojexport is planning to hand over the first power unit of the Bushehr nuclear power plant Iran towards the end of December. 9

    Russian Foreign Minister Sergei Lavrov and US Secretary of State Hillary Clinton have signed an inter-governmental memorandum on mutual understanding in cooperation in Antarctica and a joint statement on strengthening Russian-US inter-regional cooperation. The memorandum provides for regular consultations between the Russian Foreign Ministry and the US Department of State on the implementation of the Antarctic Treaty of 1959 and implies closer coordination by the countries at international forums. 10

    President Putin has said that Chile will be invited to the G-20 summit in Russia in 2013. 11

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