APEC Summit To Discuss Enhancing Ties Of Eurasian Economic Union, Asia-Pacific - Moscow

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APEC Summit to Discuss Enhancing Ties of Eurasian Economic Union, Asia-Pacific - Moscow

Russia expects to discuss prospects for boosting trade and economic relations between the Eurasian Economic Union (EAEU) and the Asia-Pacific region during the upcoming Asia-Pacific Economic Cooperation (APEC) summit, First Deputy Chief of the Russian Government Staff Sergei Prikhodko said on Friday.

MOSCOW (UrduPoint News / Sputnik - 16th November, 2018) Russia expects to discuss prospects for boosting trade and economic relations between the Eurasian Economic Union (EAEU) and the Asia-Pacific region during the upcoming Asia-Pacific Economic Cooperation (APEC) summit, First Deputy Chief of the Russian Government Staff Sergei Prikhodko said on Friday.

The APEC summit will be held in Port Moresby, the capital of Papua New Guinea, from Saturday to Sunday. Russian Prime Minister Dmitry Medvedev will head the Russian delegation at the event.

"During the contacts within the framework of the summit, prospects for strengthening cooperation of the Eurasian Economic Union with the states of the Asia-Pacific region and their integration associations is meant to be discussed," Prikhodko told reporters.

He noted that such a dialogue was needed in order to both synchronize trade regimes and make economic growth in the Asia-Pacific region and Eurasia progressive and comprehensive, something that would allow each economy to fully realize its potential.

"Relations with China have reached the level of comprehensive partnership and strategic cooperation, and cooperation with this country is special.

The leaders of Russia and China set the task of forming a common economic space. The priority in this regard is given to connection of the EAEU and the Chinese Belt and Road Initiative," Prikhodko stressed.

He added that work was underway to create free trade zones with countries of the Association of Southeast Asian Nations (ASEAN).

"During the upcoming APEC summit, as well as during bilateral talks, Prime Minister Dmitry Medvedev may address the issue of expanding the use of national currencies in trade between Russia and its partners," Prikhodko stated.

He explained that when some states resorted to unilateral protectionist measures, and economic sanctions became an instrument of political pressure, this would minimize the negative consequences of unfair competition and would help preserve the stability of international trade.

Over the recent months, several countries, including Russia, have spoken about the possibility of using national currencies and abandoning the US Dollar in international transactions due to prevalent US policy of sanctions.