The trade turnover between Japan and Russia hiked by almost 18% this year and reached $14 billion thus, deepening their bilateral ties. Japan and Russia are traditional allies in the field of business and have been carrying out trade investments for a long period of time.
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The Deputy Prime Minister and Russian presidential envoy for the Far Eastern Federal District Yury Trutnev stated at the roundtable with Japan that “Japan has been one of Russia’s main economic partners in the Asia Pacific. Our trade relations are growing and have grown significantly in the past years. Since the beginning of 2018, trade grew by 17.7% and reached $14 billion”.
The governments of both countries have taken significant steps to enhance their relations, including Japanese investment in Russia, military cooperation, and organizing a year of cultural exchange between Russia and Japan for 2018.
On 27 April 2018, Russia held the fourth Russia-Japan forum dubbed ‘The Points of Convergence’ where the two superpowers discussed pertaining issues concerning the two countries’ trade and economic relations.
The two countries’ tourism cooperation, investment projects for the Far East and other Russian regions, as well as interaction in the areas of infrastructure, technology and energy industry.
On June 23, 2018, Russia and Japan signed a memorandum of understanding (MOU) in Russia’s Far Eastern Republic of Sakha (Yakutia) to develop expand cooperation between the two countries.
Many heavy investment projects were executed on the Russian territory with a contribution of Japanese companies, such as automobile giants Nissan, Toyota, Mazda, and Mitsubishi.
Trutnev added,” A general course on cooperation is being laid out by our leader and we are bidding for it to be successful”. Trutnev said that Russia is keen on refining its investment strategy and welcomes foreign partners in cooperation.