Putin promises reliable energy supply, trade links to Europe
Source: Agencies |
September 8, 2012, Saturday
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Print Edition
Print Edition
PRESIDENT Vladimir Putin promised Asia and Pacific leaders meeting in the seaport of Vladivostok yesterday that they could count on Russia to be a reliable energy supplier and provide a bridge to Europe that can help revitalize regional trade.
Russia is boosting its exports of oil and gas to Asia after years of focusing almost entirely on supplying Europe. Moscow also has ambitious plans to develop its railroads, roads, seaports and airports in the east of the country with the aim of providing a reliable transportation link between Asia and Europe.
"The first and main thing we're going to do is develop transport infrastructure," Putin told regional business leaders.
He played up Russia's common economic space with neighbors Kazakhstan and Belarus as opening "a direct route to Europe for business in the Pacific region."
Asia and Pacific leaders meeting in Vladivostok this weekend urgently need to push ahead with their agenda for freer trade as the global recovery may depend on it.
The Asia Pacific Economic Cooperation forum aims to foster growth by dismantling barriers and bottlenecks that slow trade and business, while nurturing closer economic ties.
The sharp decline in trade growth this year - from 12 percent in December to 4.6 percent in May - underscores the importance of pushing ahead with trade initiatives, the APEC Policy Support Unit, an independent data analysis and research unit, said in a report issued yesterday.
As hosts, Russian leaders are showcasing their country's recent entry into the rules-setting World Trade Organization - a key step in traditionally Europe-centric Moscow's effort to build trade and investment ties with its neighbors in the Far East.
With Europe still mired in its debt crisis, Asia remains the biggest driver of global growth, despite a decline in China's economic growth to a three-year low of 7.6 percent in the second quarter - and signs Japan's own export-led recovery is sputtering.
In its latest forecast, the Manila-based Asian Development Bank predicted the region's economies will expand by 6.6 percent this year and 7.1 percent next year. While lower than originally expected, that's robust compared with the anemic outlooks in the US and Europe.
Accelerating work on a region-wide free-trade area could boost global demand by US$2 trillion, or nearly 2 percent a year, said a report by the APEC-affiliated Pacific Economic Cooperation Council.
It's the sort of incremental work by APEC that plays a vital role in bringing economies closer together, providing ballast to counter other, more contentious issues.
US President Barack Obama decided to skip this year's gathering - Secretary of State Hillary Clinton is attending in his place.
Vladivostok is a remote outpost, with beaches and military garrisons.
Russia is boosting its exports of oil and gas to Asia after years of focusing almost entirely on supplying Europe. Moscow also has ambitious plans to develop its railroads, roads, seaports and airports in the east of the country with the aim of providing a reliable transportation link between Asia and Europe.
"The first and main thing we're going to do is develop transport infrastructure," Putin told regional business leaders.
He played up Russia's common economic space with neighbors Kazakhstan and Belarus as opening "a direct route to Europe for business in the Pacific region."
Asia and Pacific leaders meeting in Vladivostok this weekend urgently need to push ahead with their agenda for freer trade as the global recovery may depend on it.
The Asia Pacific Economic Cooperation forum aims to foster growth by dismantling barriers and bottlenecks that slow trade and business, while nurturing closer economic ties.
The sharp decline in trade growth this year - from 12 percent in December to 4.6 percent in May - underscores the importance of pushing ahead with trade initiatives, the APEC Policy Support Unit, an independent data analysis and research unit, said in a report issued yesterday.
As hosts, Russian leaders are showcasing their country's recent entry into the rules-setting World Trade Organization - a key step in traditionally Europe-centric Moscow's effort to build trade and investment ties with its neighbors in the Far East.
With Europe still mired in its debt crisis, Asia remains the biggest driver of global growth, despite a decline in China's economic growth to a three-year low of 7.6 percent in the second quarter - and signs Japan's own export-led recovery is sputtering.
In its latest forecast, the Manila-based Asian Development Bank predicted the region's economies will expand by 6.6 percent this year and 7.1 percent next year. While lower than originally expected, that's robust compared with the anemic outlooks in the US and Europe.
Accelerating work on a region-wide free-trade area could boost global demand by US$2 trillion, or nearly 2 percent a year, said a report by the APEC-affiliated Pacific Economic Cooperation Council.
It's the sort of incremental work by APEC that plays a vital role in bringing economies closer together, providing ballast to counter other, more contentious issues.
US President Barack Obama decided to skip this year's gathering - Secretary of State Hillary Clinton is attending in his place.
Vladivostok is a remote outpost, with beaches and military garrisons.
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