The Committee for Economic Cooperation of the Ukraine-Russia Governmental Commission held a meeting in Moscow presided over by Prime Minister Viktor Yanukovych of Ukraine and his Russian counterpart Mikhail Fradkov. The negotiations resulted in the adoption of a program for economic cooperation between the two countries for the period 2008-10.
Prime Minister Yanukovych is more than optimistic about the program. He is convinced that it will “yield positive fruits for both sides.” His certainty is bolstered by a number of facts underlining prospects for Ukraine-Russia cooperation. During the meeting Fradkov noted that trade relations between our two countries are showing dynamic growth, as evidenced by the expanding list of goods in bilateral transactions. Yanukovych said that the 38 percent growth of the trade turnover that has netted eight billion hryvnias’ worth of revenues is further proof that this program has every chance of being implemented.
Both countries plan to cooperate in various other spheres. “The program envisages more than 50 projects that will be undertaken in various spheres of cooperation,” Fradkov stated. Nevertheless, the Russian prime minister emphasized priorities in the sphere of economic cooperation. Exports and imports top the list. According to Fradkov, in the past year Russian exports to Ukraine have increased by 30 percent, while Ukrainian exports to Russia have risen by 70 percent.
Both sides agree that this situation fully corresponds to their respective interests. “It emphasizes the increasing interest in securing access to each other’s markets,” Fradkov said. The negotiating sides decided, however, that this market potential has yet to be fully revealed. They agreed that these markets are immense and will expand given the right kind of strategy. “We have to work on Russian exports as well, for this will be the cementing factor in organizing business and trade cooperation,” Russia’s prime minister said.
Both sides discussed and worked out medium-term plans. “We have now signed a three-year business-and-trade cooperation program, so we can now look three years ahead and plan our joint efforts,” Yanukovych said.
