Gala BURSA 2018

ROMANIA AND RUSSIA ROUND TABLE: IN SEARCH OF NEW COOPERATION FORMATS / INIUSHKIN IGOR, RUSSIAN EMBASSY IN ROMANIA:"The time has come to think of the renewal of our cooperation relations"

Alina Vasiescu (translated by Cosmin Ghidovean)
English Section /

"The time has come to think of the renewal of our cooperation relations"

"The prospects for the expansion of the trade relations between Romania and Russia are rather good" 

The commodities exchanges between Russia and Romania have seen a rather significant drop in 2015 and 2016, but they have increased in 2017, and the growth in the first half of 2018 is about 28%, which shows mutual interest, according to Mr. Inyushkin Igor, Minister advisor in the Russian Embassy in Bucharest.

He said: "We believe that the prospects are rather good for the growth of ties in various sectors, between Russia and Romania. We want to include in this process the small and major enterprises alike, as well as the regional trade chambers. Perhaps the time has come to think of renewing our cooperation relations".

The Russian official has mentioned that the volume of trade between Russia and Romania has reached 4 billion dollars last year, compared to 3.3 billion dollars in 2016, and in the first half of 2018 it has climbed to 2.4 billion dollars, up 27.8% over the same period of 2017.

The data presented by Inyushkin Igor shows that the main products exported by Russia to Romania have been gas and oil (80% of the total) in the first semester of 2018. The other way around, Romania has exported mostly machinery and vehicles (64% of the total).

According to the decisions of the Russian parliament, Moscow's priority is to promote abroad the national production of machinery, farming and railroad engineering, and aeronautics, Mr. Inyushkin Igor said, who added: "The Russian companies are interested in participating in the modernization of the hydroelectric plant and the oil production stations in Romania. We want to promote the direct partnerships between companies in the Russian Federation and Romania.

Thus, we are inviting the representatives of the Russian companies to participate in the exhibitions organized by Romania, and the ones in Romania to participate in the ones organized by Russia".

According to him, our relations "have survived many trials" and what is important now is for the trend towards good relations and the development of the bilateral relations between Russia and Romania "to be triumphant".

Inyushkin Igor also mentioned the Russian economic situation, and said that the ratios are "rather positive", and after the drop of 2005 a rather stable growth can be seen. Thus, in 2017, Russia's economy had a growth of 1.5%, after a decline of 0.02% in 2016, and 2.5% in 2015, respectively. In the first quarter of 2018, the expansion of Russia's GDP was 1.7%, according to data presented by Inyushkin Igor. For 2018, the rise of the GDP is estimated at 1.8%.

Russia's trade has reached 330.6 billion dollars in the first six months of 2018, up 21.6% YOY.

It bears mentioning that Russia's trade exchanges (imports + exports) decreased between 2014 - 2016, but last year they have increased to 584 billion dollars, up from 468 billion in 2016.

Russia's trade with the EU has decreased significantly over the last few years, he said to 245.5 billion dollars in 2017, compared to 416 billion in 2013. In 2013, the EU accounted for 49.4% of Russia's trade, whereas in 2017 that share decreased to 42%.

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