Add to favorite
 
123
Subscribe to our Newsletters Subscribe to our Newsletters Get Daily Updates RSS


Australia and Russia to Develop Common Market
September 6, 2007 16:20


Within the APEC summit, which is held in Australia this week, Australia and Russia are planning to increase its economic cooperation in many fields, including peaceful use of uranium. Australian businessmen regard Russian market as developing and perspective. At the same time the Russian side is to keep on investing into Australian oil industry.

This week Australia holds the APEC summit with 21 countries presented. Before the high level meeting on the on September 8, 9 there will be held conferences for businessmen and Ministers of Foreign Affairs and Trade.

First of all Australian business is interested in the region of Far East and Sakhalin which can become a free trade aria. This region is new for Australia and it’s a good start point where big and small companies’ investments can compete in the field of infrastructure, building and services.

 Far East location is also attractive. Tim Harcourt, the main economist of the Australian Trade Commission (Austrade), says it’s rather convenient to get from Australia to Sakhalin via Seoul. At that both Sakhalin and Sidney are situated at nearly the same time zones.

Tim Harcourt says if Australia and Russia’s interests collide in this or that field, for example, both countries are natural and energy recourses exporters, they can cooperate in this field like Australia does in dealing with Argentine and Republic of South Africa in vine production.

Australia can offer Russia technologies and education and hopes to develop the tourism market.

Economic relations of both countries are developing steadily. In January this year a delegation of Australian deputies, headed by the speaker of the House of Representatives, visited Moscow; in May Russian delegation of State Duma visited Australia. According to the Australian authorities, the sales turnover between the two countries has grown on 65% and has reached the point of US $ 611 million. The Australian export into Russia doubled in 2006, especially concerning natural assets (mostly alumina), meat and services.

Significant Australian investments in Russia are the company Amcor, a manufacturer and distributor of a broad range of metal, plastic and paper packaging, including steel and aluminum cans, polyethylene bags and tubes, and a joint venture of Russian metal giant Norilsk Nickel (NorNickel) and British-Australian mining major Rio Tinto.

 2005 became the year of first Russian investments in Australia. The company Rusal (Russian Alluminium), the second largest producer of primary aluminum in the world and the largest producer in Russia, bought a 25% share of Queensland Alumina Limited, the world's largest alumina refinery. Last year some other Russian companies, dealing with natural assets, invested in the Australian natural assets sector. And they are interested in further investments.

Australia and Russia have other opportunities for economic relations. Both countries have started consultations on widening the 1990 Treaty of using nuclear energy for peaceful purposes. The future agreement will let Australian uranium manufacturers to export it for Russian energy producers.

APEC 2007 coincides with the 200 anniversary of official Russian-Australian relations, which started with the arrival of the Russian military ship Neva in Sidney in 1807. The year of 2007 is also the 150 anniversary of consular relations and 65 anniversary of restoration of diplomatic relations.

Sources:

    www.rian.ru

    www.diplomatrus.com

Irina Fomina

 


Tags: Russia International Russian oil    

Next Previous

You might also find interesting:

Will Russian Economy Kick-Start or Stall: A Look At Privatisation Disappearing Jobs In Russia Formula 1 Bahrain Grand Prix Germany Allowed the Construction of Nord Stream-2 in its Territorial Waters Russian Banks Will Collect Biometric Data









Comment on our site


RSS   twitter      submit



TAGS:
Russian Literature  Russian hospitality business  Russian Railways  Stroller Parade  Petersburg Monuments  Russian religion  Progress-MS04  Russian tourism  satellite  Russia law  Altai  Nikolay Tsiskaridze  Kirov Oblast   Moscow restaurants  Heroism   Monuments in Moscow  New Wave Festival  Gavrila Derzhavin  Russian Arts and Crafts  Saint Petersburg  Russian scientists  Modern Art Centers  St. Petersburg  Krasnodar Territory  train tickets Russia FIFA  Mercedes-Benz Fashion Week Russia  Russian startups  Russian opposition  embezzlement case  Exhibitions in Moscow  Russian Cinema  Irbit  Russian business  Russian Orthodox Chruch  MSU  Photography  Moscow  APEC 2012  Azat Agafarov  Russian science  Simferopol Airport  Russian economy  Kazan  Russian Rock Music  Ukrainians  Books  bus tickets Russia FIFA  Fabio Capello  Rock Paintings  Valentin Kataev 


Travel Blogs
Top Traveling Sites