Azerbaijan, Russia’s Sverdlovsk Region sign 2 memorandums of cooperation

Two memorandums of cooperation were signed between Azerbaijan and Russia’s Sverdlovsk Region at the end of the Azerbaijani-Russian business forum held in Baku, Trend reports.

The memorandums of cooperation were signed between the Azerbaijan Wine Producers and Exporters Association and Sverdlovsk Region’s VINAZ LLC, as well as between the Fruit and Vegetable Producers and Exporters Association of Azerbaijan and Sverdlovsk Region’s TEN Group of companies.

Following the business forum, bilateral meetings were held between the entrepreneurs of the two countries.

Russia and Belarus are drafting roadmap for a single gas market, says Economy Minister

Russia and Belarus are working on an integration roadmap that will include creation of a single gas market, Russia’s Economic Development Minister Maxim Oreshkin said in an interview with the Rossiya-24 TV channel.

“Obviously, there is a sensible topic on gas, but it is clear that we should embark on [creating] the single gas market. Therefore, in the relevant roadmap, which comprises the gas aspect, all the parameters related to the creation of a single gas market will be mentioned and considered,” he said.

Earlier on Friday, the Prime Ministers of Belarus and Russia Sergey Rumas and Dmitry Medvedev initialed the integration development program within the Union State and approved a list of 31 roadmaps for implementing the document.

Oreshkin specified that the roadmaps should be prepared by the departments of both countries by November 1, 2019.

“Now they are starting to prepare these roadmaps. We will try to ensure that they stay within a certain framework. The relevant departments will work on each roadmap,” the minister said.

This year marks the 20th anniversary of the signing of the Treaty on the Creation of the Union State between Russia and Belarus. The document was signed in December 1999 and provides for formation of a single political, economic and customs space of the two countries.

Source: TASS

EAEU develops uniform rules for collecting VAT when providing services in electronic form

From September 11 to 13, a meeting of the Advisory Committee on Tax Policy and Administration at the Eurasian Economic Commission (EEC) was held in Yerevan (Republic of Armenia).

Participants discussed common rules for the collection of VAT for the provision of services in electronic form for the countries of the Eurasian Economic Union (EAEU). In particular, it was possible to agree on a draft amendment to the Treaty on the EAEU, which concerns the distribution of indirect taxation not only on goods, but also on services provided within the Union. The parties agreed on determining the place of sale of services in electronic form, the place of activity of the buyer of services, as well as a list of such services.

In addition, the meeting discussed the issue of non-discriminatory conditions for levying VAT in free (special, special) economic zones in relation to goods of the Union and third countries.

Russia and Saudi Arabia prepare dozens of new joint projects, says Russia’s Energy Minister

Russia and Saudi Arabia are preparing to sign a package of documents that includes several dozens of new joint projects, Russia’s Minister of Energy Alexander Novak told reporters on Wednesday.

“We are preparing a large, solid package of documents. Several dozens of projects,” he said.

The day before, the minister was in Saudi Arabia. According to him, the purpose of the trip was to prepare for the visit of Russian President Vladimir Putin to the country.

Novak said earlier that in the near future, Saudi Arabia could start investing in Russian projects in the field of petrochemicals, production of liquefied natural gas, and in creation of joint research centers. According to him, trade turnover between the countries is constantly growing and in the Q1 2019 it doubled the figure for the same period in 2018, increasing to $420.4 mln.

Russian-Saudi relations are also developing in the field of agriculture. Over the past 3 years, trade in this segment doubled reaching $500 mln at the end of 2018.

First round of talks on India-EAEU free trade zone to take place in near future

The first round of talks on the free trade zone between India and the Eurasian Economic Union (EAEU) will take place in the near future, Russian President Vladimir Putin said at a press conference following talks with Indian Prime Minister Narendra Modi.

“I am convinced that additional opportunities for the diversification of commodity flows will open up with the creation of a free trade zone between India and the Eurasian Economic Union. This is our common goal and the first round of negotiations on drafting an agreement will be held in the near future,” he said.

According to Putin, at the talks, priority attention was paid to trade and investment cooperation.

“Last year, bilateral trade added almost 17% and amounted to $11 bln. We believe that there are all conditions for its further growth,” the Russian leader said.

He also drew attention to the strategy of interaction between Russian and Indian special department that was signed on September 4 in Vladivostok. This document is aimed at enhancing economic cooperation and involves the removal of barriers in the investment sector, the promotion of large mutually beneficial joint projects in priority areas, and building up scientific, technological and innovative cooperation.

Putin stressed importance of using national currencies in mutual settlements.

“India’s joining the Bank of Russia’s financial messaging system will contribute to ensuring smooth interbank transactions,” Putin said.

During the talks Putin and Modi paid special attention to energy cooperation.

According to Putin, at the end of 2018, Russia shipped India 2.3 mln tonnes of oil, nearly 550,000 tonnes of oil products, 4.5 mln tonnes of coal. At the same time, the head of state noted that a significant part of hydrocarbon exports to India comes from the Far East. He recalled that partners from India own 20% in the Sakhalin-1 project, and Indian energy companies were invited to participate in other promising projects, such as Far Eastern LNG, Arctic LNG-2.

Mutual investment between Russia and India could grow by $15 bln

Russia and India plan to increase trade between the countries from $11 to $30 bln by 2025, the volume of mutual investments could grow by $15 billion, Russia’s Minister of Economic Development and Trade Maxim Oreshkin said in an interview with Rossiya 24 TV channel within the Eastern Economic Forum (EEF-2019).

“From the point of view of the targets that we will achieve – $30 bln turnover, this is not only trade, but also mutual investment. We are talking about $15 bln of additional investments that will come from India to Russia and from Russia to India,” he said.

At the same time, Oreshkin noted that the range of Russian-Indian investments should be expanded, investments from Russia should come not only in the sphere of oil refining in India. “Right now there are significant Russian investments in India, but they are essentially concentrated in one industry – oil refining. We are talking about the need to expand the range of investments,” he said.

With the participation of Indian capital, five investment projects are being implemented. The estimated volume of investment is over 53 bln rubles ($798.05 mln).

Russia looks to expand scientific cooperation with China, Japan, Mongolia

The Russian Academy of Sciences (RAS) is planning to arrange extensive cooperation with the scientific circles in Japan, China and Mongolia, a regular trip of the RAS leadership to China can take place in November, RAS President Alexander Sergeyev told TASS during the fifth Eastern Economic Forum (EEF),

“We have great working relations with the leadership of the Chinese Academy of Sciences, the Chinese scientific community. Recently, Bai Chunli, the President of the Chinese Academy of Sciences, paid a visit to Moscow, we signed a cooperation agreement. It is planned that a RAS delegation will pay a working visit to China this November,” he said.

According to Sergeyev, Russian and Japanese scientists can come up with joint projects to hold scientific research on the Sakhalin Island.

“One of the promising areas of cooperation with Japanese scientists are scientific projects on Sakhalin. We are in serious talks now of signing a scientific cooperation agreement with the University of Tokyo,” he said.

He also announced that the RAS leadership will visit Ulan Bator to discuss development and expansion of the scientific cooperation between the two countries.

The fifth Eastern Economic Forum is held in Vladivostok on September 4-6 and will welcome more than 30,000 people. TASS news agency is the event’s general information partner, the official photo hosting agency and moderator of the presentation zone focusing on the Russian Far East’s innovation opportunities.

Russian agricultural exports to Saudi Arabia can be above $2 bln by 2024

Russian agricultural exports to Saudi Arabia can be above $2 bln by 2024, the Russian Ministry of Agriculture said after the visit of Minister Dmitry Patrushev to the Kingdom.

“We suggest developing a joint program on expansion of exports of Russian foods to Saudi Arabia, so that exports of Russian agro-industrial sector products to be over $2 bln by 2024,” Patrushev is cited as saying.

The Russian Minister of Agriculture visited Saudi Arabia, heading the delegation comprising representatives of the largest Russian companies of grain, meat, dairy, and confectionery industries, the ministry said.

EAEU single trademark may expand to more countries

The functioning of the single trademark of the states of the Eurasian Economic Union (EAEU) can be expanded to countries that have ratified the Eurasian Patent Convention. This opinion was expressed by the head of the Federal Service for Intellectual Property (Rospatent) Grigory Ivliev on the sidelines of the conference in Nur-Sultan.

“We have already decided to create a single trademark within the framework of the Eurasian Economic Union. The document has been adopted, and it is now undergoing the procedure of domestic approvals. We now offer our partners to accelerate the process of ratification of this document in order to put it into effect in the near future.” – Ivliev said.

According to him, the functioning of the EAEU single trademark may continue in other countries. “At the same time, we assume that a single trademark is needed not only for the Eurasian Union, but the next step will be the development of a single trademark for all states of the Eurasian Patent Convention.”

On September 9, Nur Sultan hosted a diplomatic conference on the adoption of the Protocol on the Protection of Industrial Designs to the Eurasian Patent Convention. Currently, eight countries have ratified this convention: Armenia, Azerbaijan, Belarus, Kazakhstan, Kyrgyzstan, Russia, Tajikistan and Turkmenistan.

Turkey aims to boost trade with Russia to $100bn

Turkish President Recep Tayyip Erdogan has set an ambitious task to increase trade turnover between Turkey and Russia to $100 billion. That is nearly four times more than the current trade volume between the two countries.

Bilateral trade already exceeds $25 billion, but that does not reflect the cooperation potential, according to Erdogan.

The two countries are currently drafting an intergovernmental agreement on expanding settlements in national currencies. “It will ensure uninterrupted transaction services,” said Russian President Vladimir Putin after talks with his Turkish counterpart at the International Aviation and Space Salon, MAKS 2019.Turkey’s leader earlier announced that Ankara is preparing to conduct trade through national currencies with China, Russia, and Ukraine. It has also discussed a possible replacement of the US dollar with national currencies in trade transactions with Iran.

Moscow and Ankara are working closely in the energy sector, including such flagship projects as the construction of the first nuclear power plant in Turkey, Akkuyu, as well as the Turkish Stream natural gas pipeline, also known as the TurkStream. In March, land and sea sections of the pipeline were connected and it is set to become operational by the end of this year.

The two countries announced they have created a €900 million joint investment fund which “will be extremely important to revitalize Russian-Turkish investment,” according to the CEO of the Russian Direct Investment Fund (RDIF) Kirill Dmitriev.