Russia favors strategic dialogue between energy suppliers, consumers: Putin

Russian President Vladimir Putin said on Sunday that Russia, as a guarantor of energy supply to the world market, favors strategic dialogue between energy suppliers and consumers.

"Presently, we can see the emergence of not only new major consumers such as China and India, but also new producers on the Eurasian landmass," Putin told a plenary session of the 11th St. Petersburg International Economic Forum with the theme of "A competitive Eurasia - Expanse for trust."

The president said such "huge players" include Kazakhstan, Turkmenistan, Azerbaijan and Uzbekistan, noting they have become independent oil and gas suppliers to the world market.

"We aim to ensure the energy security of the entire Eurasian area," said Putin, noting Russia is increasing oil supply and improving transport and logistics to Asia-Pacific countries, which will cement relations between European and Asian countries.

He suggested measures to upgrade the existing and integrate the new oil and gas pipelines connecting Europe, central Asia, and the Far East.

Kazakh President Nursultan Nazarbayev echoed Putin's suggestion on Eurasian cooperation, saying a canal connecting the Caspian and Black Sea should be built to transport oil and gas from central Asia to Europe.

Putin hailed the economic growth of the developing countries, saying about 60 percent of the world's gross domestic products is now produced outside the Group of Eight (G8) industrialized countries, a great difference compared to 50 years ago.

But there's still imbalance in the world economy and major gaps exist between rich and poor countries, he said, asking to forge a new world economic order.

On the Russian economy, the president vowed to attract foreign investment and make the Russian currency, ruble, as well as Russia's financial market, more attractive.

"We need several financial centers and several reserve currencies," he said, adding that Russia is interested to invest abroad as well.

Thanks to its booming economy and high oil prices, Russia has recorded a net capital inflow of 41 billion U.S. dollars last year after years of net outflow.

Putin also noted that the World Trade Organization (WTO) talks are facing serious challenges and protectionism has hindered trade and economic growth.

Russia's accession will be "doable" if the Doha rounds, which has been falling behind schedule, are successful, WTO Director-General Pascal Lamy told the forum.

Russia, the largest economy still outside the world trade body, has been negotiating for membership since 1993. Russia has voiced hope that all talks on its accession could end this year.

Source: Xinhua