Russia opens eye on Asian trade at Apec
Afp, Hanoi
Russian trade, traditionally aimed at Europe and the former Soviet republics, is shifting to Asia as the energy-rich giant wakes to the economic potential of the booming region, officials said Friday. Europe remains the dominant partner for Russia, but trade with the 21-member Asia-Pacific Economic Cooperation (Apec) forum now surpasses that with ex-Soviet countries, said Russian trade ministry official Vladimir Frolov. "Russia has turned the second eagle's head toward Asia," Frolov said, referring to the double-headed bird of prey on Russia's coat of arms. "The share of (ex-Soviet) countries is falling and we are redirecting this investment to the Apec region," Frolov told reporters in Hanoi ahead of President Vladimir Putin's arrival Saturday for the annual Apec summit. Despite its vast size and long Pacific coast, Russia is something of an odd man out in Apec, which it only joined in 1998, nearly a decade after the organisation was founded. Trade volumes between Russia and other heavyweight Apec countries are relatively puny, amounting to just 16.7 percent of Russia's 315 billion dollar (246 billion euro) trade worldwide in the first nine months of this year.
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