World Economy

Putin Pushes for Closer APEC Bonds

Putin Pushes for Closer  APEC BondsPutin Pushes for Closer  APEC Bonds

Russia and the countries of the Asia-Pacific region should use the potential of cooperation for making it mutually beneficial, Russian President Vladimir Putin said at a business summit of the Asia-Pacific Economic Cooperation (APEC) forum on Monday.

This is while, US President Barack Obama said, he wants the United States and China to strengthen ties that could lead to more jobs and for China to “do well.”

Putin said, “Russia as a part of the Asia-Pacific region has to use those competitive advantages which this swiftly growing center of economic, technological and investment force represents,” Itar Tass quoted the Russian president as saying.

“In its turn, the development of Siberia and the Far East offers a unique chance for the countries of this powerful region and a possibility to use the opening prospects here and further reinforce their potential,” he stressed.

Putin said the cooperation with the Asia-Pacific countries is a top priority for Russia.

“It is very important that our relations with the overwhelming majority of the region’s countries are characterized by positive and constructive relations,” he said.

“We appreciate this stance and we are set to make every effort to develop the multifaceted bilateral and multilateral cooperation,” the Russian leader said.

Russia is considering a possibility that China could join major exploration assets in Russia, Putin said.

“We are also considering a possibility for Chinese partners to join major exploration assets of the Russian Federation,” he said.

 National Currencies

Russia and China plan to use more actively rubles and yuan in mutual settlements, Putin said.

“Within cooperation with that country (China) we plan to use national currencies more actively in settlements,” he said, recalling that first deals are already paid in rubles and yuan.

Putin recalled that settlements in national currency are particularly planned in oil trade. “Our experts are studying such possibilities,” he said.

Payments in national currencies of such countries as China and Russia will allow influencing financial and energy markets, he added.

 Incredible Opportunity

Barack Obama addressing the economic summit said he wants the United States and China to strengthen ties that could lead to more jobs and for China to “do well.” As part of those efforts, the president announced a new visa agreement plan with China’s government.

Obama said Chinese student visas will be extended to five years, and business and tourist visas to 10 years. The move will also apply to US citizens in China. Previously, visas were granted on a year-at-a-time basis.

Obama said Asia represented an incredible opportunity to create jobs in the US. The White House said the new visa agreement could inject billions into the US economy. It said by 2021, Chinese travelers to the U.S. will contribute nearly $85 billion a year to the economy and support up to 440,000 jobs.

 Meeting With TPP Leaders

Obama, at a meeting of TPP leaders at the US embassy in China  on Monday, said that he sees momentum building for a Washington-backed free trade agreement in the Asia-Pacific.

US officials had ruled out a major announcement on the ambitious 12-country Trans-Pacific Partnership (TPP) in Beijing.

Obama said the TPP, in a deadlock largely due to disagreement between the United States and Japan over how widely Japan will open its doors to farm exports, had the potential to be an “historic achievement”.

“During the past few weeks our teams have made good progress in resolving several outstanding issues regarding a potential agreement. Today is an opportunity for us at the political level to break some remaining logjams,” Obama said.

“What we are seeing is momentum building around a Trans-Pacific Partnership that can spur greater economic growth, spur greater jobs growth, set high standards for trade and investment throughout the Asia-Pacific,” he said.