Daily Management Review

Russia Turns to China Instead of Europe


Xi Jinping’s visit in Russia turned out to be very fruitful: a number of documents on deepening cooperation in trade and economy were signed, including gas. However, an agreement on the Eurasian Economic Union and trans-Eurasian project "Economic Zone Silk Road" joining has become a landmark of the meeting.

(AP Photo/Alexander Zemlianichenko) | ASSOCIATED PRESS
(AP Photo/Alexander Zemlianichenko) | ASSOCIATED PRESS
Several years ago, the Russian leadership has expressed a desire to create a common economic space with Europe from Lisbon to Vladivostok, but the idea has not found support among European leaders. After a sharp deterioration in relations with the West in 2014 because of the conflict and the Crimea in Ukraine, Russia started ostentatiously turn to the East, and China in this area has become one of the main Asian partners.

Following the meeting with Xi Jinping, President Vladimir Putin stressed that in the future they can talk about the common economic space on the whole Eurasian continent.

At the meeting, Putin and Xi Jinping signed a joint statement on deepening the comprehensive partnership of strategic cooperation and promoting mutually beneficial cooperation between Russia and China. In addition, the leaders issued a joint statement on the joining of the Eurasian Economic Union and trans-Eurasian trade and infrastructure project "Economic times of the Silk Road."

The idea of ​​building a new Silk Road, which would connect China with Europe and strengthen cooperation with Asia and Africa, Xi Jinping put forward as early as 2013. It is about creating a trade corridor for direct deliveries of goods from East to West on preferential terms. China expects the implementation of this initiative to strengthen political contacts, to create a transport network from the Pacific Ocean to the Baltic Sea, to reduce barriers to trade and investment, to expand the system of settlements in national currencies.

Implementation of the "Silk Road Economic Belt" involves the creation of several hundred infrastructure projects: railways, highways, energy projects and industrial parks, construction of which will begin in the next few years in Kazakhstan, Kyrgyzstan, Tajikistan, Pakistan and other countries neighboring with China.

According to the Russian leader, cooperation within the EAEC, and the project "Silk Road economic belt" could potentially lead to the formation of a common economic space across the continent.

‘The signed by the chairman of Xi Jinping joint statement is referred to possibility of pairing these integration models. In fact, we are talking about output in the long term to a new level of partnership, involving a common economic space on the whole Eurasian continent,’ - said the head of Russia.

source: sputniknews