Trade Relationship between the European Union and Russia
Slide 3-4
The European Union and Russia have a strong trade relationship. Bilateral trade and investments continue to grow rapidly.
Since 1997 the Partnership and Cooperation Agreement has been the framework of the EU-Russia relations, regulating the political and economic relations between the EU and Russia. One of the main objectives of this agreement is the promotion of trade and investment as well as the development of harmonious economic relations between the EU and Russia.
EU imports from Russia are, however, to a very large extent not subject to any restrictions. The recent WTO accession of Russia will prevent Russia from adopting unilateral tariff hikes as has been the case in the past.
The new EU-Russia Agreement - currently under negotiation - should provide a comprehensive framework for bilateral relations with stable, predictable and balanced rules for bilateral trade and investment relations. It will focus on improving the regulatory environment by building upon the WTO rules and strengthen bilateral trade relations.
The EU was a strong supporter of Russia 's WTO membership since the start of the process to the actual accession on 22 August 2012. Russia 's WTO membership will gives a major boost to further development of the economic relationship between the EU and Russia.
Slide 5
Russia is the third trading partner of the EU and the EU the first trading partner of Russia.
Trade between the two economies showed steep growth rates until mid-2008 when the trend was interrupted by the economic crisis and unilateral measures adopted by Russia that affected EU-Russia trade. Since 2010 mutual trade has resumed its growth reaching record levels in 2011.
EU exports to Russia are dominated by cars, medicines, car parts, telephones and parts and tractors.
EU imports from Russia are dominated by raw materials, in particular, oil (crude and refined) and gas. For these products, as well as for other important raw materials, Russia has committed to
The European Union and Russia have a strong trade relationship. Bilateral trade and investments continue to grow rapidly.
Since 1997 the Partnership and Cooperation Agreement has been the framework of the EU-Russia relations, regulating the political and economic relations between the EU and Russia. One of the main objectives of this agreement is the promotion of trade and investment as well as the development of harmonious economic relations between the EU and Russia.
EU imports from Russia are, however, to a very large extent not subject to any restrictions. The recent WTO accession of Russia will prevent Russia from adopting unilateral tariff hikes as has been the case in the past.
The new EU-Russia Agreement - currently under negotiation - should provide a comprehensive framework for bilateral relations with stable, predictable and balanced rules for bilateral trade and investment relations. It will focus on improving the regulatory environment by building upon the WTO rules and strengthen bilateral trade relations.
The EU was a strong supporter of Russia 's WTO membership since the start of the process to the actual accession on 22 August 2012. Russia 's WTO membership will gives a major boost to further development of the economic relationship between the EU and Russia.
Slide 5
Russia is the third trading partner of the EU and the EU the first trading partner of Russia.
Trade between the two economies showed steep growth rates until mid-2008 when the trend was interrupted by the economic crisis and unilateral measures adopted by Russia that affected EU-Russia trade. Since 2010 mutual trade has resumed its growth reaching record levels in 2011.
EU exports to Russia are dominated by cars, medicines, car parts, telephones and parts and tractors.
EU imports from Russia are dominated by raw materials, in particular, oil (crude and refined) and gas. For these products, as well as for other important raw materials, Russia has committed to