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Eurasian Business Briefingbilateral agreements

Russia and Uzbekistan sign $3.5bn in deals as Mirziyoyev heads to Moscow

Uzbek President Shavkat MirziyoyevWith Uzbekistan’s new President Shavkat Mirziyoyev due to arrive in Moscow tomorrow, the Uzbek foreign ministry has announced that the two countries have signed off on $3.5bn of bilateral deals covering project finance, the joint manufacturing of agricultural machinery and a number of agreements relating to the supply of Uzbek fruit and vegetables to Russia with oil set to flow in the opposite direction. The announcement (more…)

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New investment fund set to strengthen ties between Russia and Turkey

Putin and ErdoganThe flourishing political and economic alliance between Russia and Turkey wracked up a notch this week with the announcement that the two countries had now formally agreed to set up a joint Russia-Turkey Investment Fund.
The two signatories to the agreement (more…)

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Brexit could help EU-India FTA but report scotches hopes of UK side deal

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Erdogan rubber-stamps Turkish Stream

Turkish President Tayyip ErdoganTurkish President Recip Erdogan has paved the way for construction of the Turkish Stream pipeline to begin after officially ratifying the Russian-Turkish accord concerning a new natural gas pipeline running from Krasnodar in southern Russia, along the bed of the Black Sea to Turkish Thrace. The announcement (more…)

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Moscow and Ankara bury their differences to set up $1bn Russian Turkish investment fund

Russian Economy MIinsiter Ulyukaev and Turkey's EM Zeybeci Istanbul 09/10/16Russian Turkish investment fund: With Russian President Putin due to meet with his Turkish counterpart Recep Erodgan at the World Energy Congress in Istanbul today,  Moscow and Ankara took another significant step towards (more…)
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Sakhalin 2 on agenda as Japan and Russia seal $1.3bn investment package

LNG tanker Sakhalin 2A number Japanese companies and banks are considering participating in the financing and construction of the third stage of the Sakhalin 2 LNG project in Russia’s Far East, it has emerged, as Japan managed to steal the show at last weekend’s Eastern Economic Forum in Vladivostok by signing some 20 agreements (more…)

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Chancellor Hammond opens UK-China free trade deal talks

UK Chancellor Philip HammondUK-China free trade deal: The UK’s new Chancellor of the Exchequer Philip Hammond has begun discussions with China about the possibility of forging an ambitious free trade deal which could see major Chinese banks and businesses being granted greater access to the UK economy. In an interview (more…)

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Ankara thanks Russia for support over Turkish coup as relations thaw further

turkish coupTurkish coup: Turkish Foreign Minister Mevlut Cavusoglu today expressed his country’s gratitude to Russia for its “unqualified” support during the attempted military coup earlier this month and indicated that Presidents Erdogan and Putin would be meeting at next month’s G20 meeting in Hangzhou, when the two men would discuss “the removal of economic barriers and other steps to restore relations.”
According to reports in the Iranian Farsnews media agency last week, the speed with which the coup was thwarted in part due to intelligence supplied to Ankara by Russian listening stations in northern Syria and which may have forced the plotters to move sooner than planned. 

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PM Turnbull calls for free trade deal between Australia and Britain

Australian PM Malcolm TurnbullA free trade deal between Australia and Britain should be set up as soon as possible, Australian Prime Minister Malcolm Turnbull told the UK’s incoming Premier Theresa May yesterday. In a phone call that May described as “very encouraging”, (more…)

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Juncker plays WTO card over steel row as Li calls for more EU-China trade

Xinhua/Rex/ShutterstockEU-China trade:The president of the European commission has warned China that it must stop dumping cheap steel in Europe or it could fail to gain market economy status with the World Trade Organisation, which Beijing is desperate to secure.
Jean-Claude Juncker said that Beijing and the EU had agreed to establish a working group to discuss the crisis in the steel industry and monitor steel shipments from China.
“The EU will defend its steel industry. We are not defenceless, and we will use all the means at our disposal,” Juncker said in Beijing after talks with the Chinese government.
steel exportsAn increase in cheap Chinese steel being imported into Europe has been blamed for the crisis facing the industry, which has put thousands of jobs at risk in the UK and across the continent. China makes more than half of the world’s steel but is suffering from slowing domestic demand. In the first quarter of the year Chinese steel exports to the EU rose 28%, driving prices down by more than 30%. 
Speaking at the same forum Chinese Premier Li Keqiang said that the two sides should “properly deal with” trade disputes, oppose trade barriers and speed up negotiations on a China-EU investment treaty. 
EU China tradeIn addition to accusations of dumping, trade relations between the two sides have also been put under pressure by long-standing complaints from European enterprises working in China about unfair restrictions that make it difficult for them to compete with local rivals. Foreign companies would soon enjoy the same treatment as their Chinese counterparts, Li promised, with the government continuing to reform its foreign investment management system, ease market access, enhance intellectual property protection and guarantee the legitimate rights of all types of enterprises, and remaining committed to creating a fair, transparent and expectable investment environment.
He called for European companies to invest more in China’s advanced manufacturing, service industry and the central and western parts of the country, “We want trade between China and Europe to grow on a stable platform,” he said.
China is now the EU’s second biggest trading partner behind the United States while China sells more goods and services to the EU than anywhere else in the world. 

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Turkey looks to boost trade with Russia to $100bn after Erdogan apologises

Turkish President Recip ErdoganErdogan apologises: Turkey hopes to increase annual trade with Russia to $100bn, its Foreign Minister Mevlut Cavusoglu said yesterday, highlighting Ankara’s hopes that (more…)

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Tehran and Ankara agree oil for rail swap

Rail passengers IranThe governments in Tehran and Ankara have agreed to a €80m oil for rail swap that will see Turkey provide Iran with 1,000 of rail girders in return for supplying the TÜPRAS with oil. The girders will be used to develop Iran railway network as part of a program that is expected to cost $8n over the next six years.
With only 13,000km (more…)

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EEU-China trade deal could be signed within 2 years, says Shuvalov

First Deputy Prime Minister Igor ShuvalovEEU-China trade deal: The Russia-led Eurasian Economic Union (EEU) is starting negotiations on a trade deal with China and hopes to sign it off within two years, Russia’s First Deputy Prime Minister Igor Shuvalov has said while conceding that the talks would be “very difficult”. (more…)

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China earmarks Qatar as Silk Road partner

Wang Yi and Al Thani 11-05-16Silk China looking to Qatar as a key partner in its efforts to establish a new Silk Road stretching between Asia and Europe, Foreign Minister Wang Yi told the Xinhua News Agency last month after a meeting wth Qatari head of state Emir H Sheikh Tamim Bin Hamad Bin Khalifa Al Thani in Doha. He also confirmed (more…)

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Moscow and Beijing pledge to treble Sino-Russian trade in next five years

Russian Foreign Minister Sergey LavrovMoscow and Beijing have agreed to increase bilateral Sino-Russian trade from $65bn last year to $200bn by 2020, Russia’s Foreign Minister Sergei Lavrov said this week. Speaking at the Russian Council for International Affairs second ‘Russia & China ‘ conference in Moscow, he said (more…)

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Putin keeps South Stream pipeline on agenda ahead of Athens visit

Putin and TspirasSouth Stream: Russia is still interested in working out a way of building a pipeline along the bed of the Black Sea as a means of transporting gas to Europe via the Balkans, President Putin told the Greek newspaper Kathimerini in an interview published today to coincide with his visit to Athens.
“Gazprom (more…)

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Xinjiang and Kazakhstan and $2bn trade package

Xinjiang and KazakhstanXinjiang and Kazakhstan have signed a package of five energy, agricultural, and industrial projects worth more than $2 billion as Beijing moves ahead with its One Belt, One Road strategy of developing trade and transport links across Asia and beyond. The deals were struck (more…)

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Siemens in trilateral talks to provide rolling stock for Moscow-Kazan line

Russian High-speed trainMoscow-Kazan: Siemens, the German engineering multinational with headquarters in Berlin and Munich, is in talks with the Russian and Chinese governments about the possibility of providing the rolling stock for the 770km high-speed rail link between Moscow and Kazan. The new line is expected to cut the journey time between the two cities from between 12 and 14 hours to 3.5.
“We may consider a trilateral partnership,” its President for Russia and the CIS Dietrich Moeller told  Vedomosti in an interview published yesterday. “We [already] have a joint venture with the Russian Sinara group and excellent relations with China in the field of train production. We have also provided both countries with our Velaro technology.

(more…)

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Mogherini leads EU delegation to Iran on mission to boost commercial ties

Federica Mogherini in Tehran April 2016A high-level delegation of eight European Commissioners led by the EU’s High Representative for Foreign Affairs and Security Policy Federica Mogherini has arrived in Tehran to discuss the strengthening of energy and industrial ties with Iran. The Islamic Republic has (more…)

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Kazakhstan and Iran sign $2bn cooperation package in Tehran

Nazarbayev arrives in TehranKazakhstan and Iran this week signed up to a package of 66 joint projects worth up to $2bn as President Nursultan Nazarbayev met up with President Hassan Rouhani in Tehran, the Kazakh leader said yesterday. The agreements relate to developments (more…)

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