After a decade of negotiations China and Australia have sealed a free trade agreement which is expected to deliver a $20 billion boost to mutual trade by 2035. Currently trade between the two stands at almost $160 billion annually.
Chinese corporation Zoje Resources Investment has leased a large plot of land in Russia’s Transbaikal region for agricultural exploitation. The Chinese corporation is expected to invest estimated $450 million into the project over the next 49 years.
China has started a rail freight service linking the western Xinjiang region also known as a "core area" of the Silk Road economic belt with Moscow. It is expected to deliver $8.1 billion worth of cargo annually.
Russia has never sought a no-obligation kind of relationship with Europe, and has always called for a serious partnership, President Vladimir Putin said in an interview that touched on EU sanctions, energy disputes and severed business ties with Ukraine.
The terms of Russia’s food embargo depend on actions of Western partners, according to Russian Deputy Prime Minister Arkady Dvorkovich. Moscow may lift the ban introduced last year as a counter-measure if West lifts its anti-Russia sanctions, he said.
The IMF’s mission in Ukraine has said the country’s GDP is expected to shrink 9 percent this year, with annual inflation jumping to 46 percent. Unresolved conflict in the country’s east took a big toll on the economy in the first quarter of 2015, it said.
The economic cooperation of China and Russia is not aimed at infringing upon the interests of any other country in the Asia-Pacific region, said Igor Ivanov, ex-foreign minister and President of the Russian Council on International Affairs.
Crude supply from non-OPEC producers will continue growing for another two years, according to an OPEC draft report seen by Reuters. Increased production, mainly shale in North America, is a ‘turning point’ in the restructuring of global markets, it said.
The BRICS New Development Bank is not an alternative to the IMF and the World Bank but rather a complement, said Presidential aide Sergey Glazyev. It will address the challenges that Western institutions currently ignore.