Russian-Italian Trade Expected To Grow To $28 Bln By End Of 2018 - Russian Trade Envoy

Russian-Italian trade continues to grow and is expected to increase to $28 billion by the end of the year, Russian trade representative in Italy Igor Karavaev told Sputnik.

ROME (UrduPoint News / Sputnik - 17th December, 2018) Russian-Italian trade continues to grow and is expected to increase to $28 billion by the end of the year, Russian trade representative in Italy Igor Karavaev told Sputnik.

"Our trade is increasing for the second year in a row ... Last year, our trade amounted to about $24 billion, which is 21 percent more than in 2016, while within first three quarters of this year, the growth has already reached 30 percent. So, by the end of the year, we expect the trade to amount to $27 billion-$28 billion," Karavaev said.

The trade representative pointed out that the growth was explained by return to the positions lost during the 2014-2016 crisis in bilateral trade relations. The 2013 trade volume � $54 billion � has not been reached yet.

"The growth will gradually slow down. This means that we should look for new drivers in order to get mutual economic gain. From my point of view, this work must be started now. Primarily, we should focus on the challenges that will determine the development of our economies in the near future," Karavaev noted.

He called the development of technologies and implementation of joint projects in third countries as key priorities for Russian-Italian trade relations.

Karavaev noted that the anti-Russian sanctions failed to hinder the Russian-Italian cooperation.

"The sanctions as any crisis phenomenon have also a reverse side of the coin. They became an impetus for development of new methods of cooperation. The time showed that the policy of sanctions failed to hamper the Russian-Italian cooperation at all levels," the trade representative said.

He admitted that the economies of Russia and Italy were facing negative consequences of the restrictive measures.

"As sanctions are hitting the Italian economy, this, of course, cannot be positively assessed by the leadership of the country, whose budget does not receive the cash flow in full," Karavev explained.

The trade envoy also stressed that Rome was determined to develop dialogue and cooperation with Moscow.

The interview took place ahead of the 16th session of the Russian-Italian Council for Economic, Industrial, Monetary and Financial Cooperation, which will start on Monday in Rome and will be accompanied by a bilateral business forum. The Russian delegation will be headed by Minister of Industry and Trade Denis Manturov, and the Italian one by Foreign Minister Enzo Moavero Milanesi.