Japanese economy minister hopes for better trade ties with Russia

TOKYO, December 14. /TASS/. Japan and Russia will be able to reverse the decline in bilateral trade caused by lower oil prices among other factors, Japanese Economy, Trade and Industry Minister Hiroshige Seko said on Wednesday in an exclusive interview with TASS ahead of Russian President Vladimir Putin’s visit to the country. "Russian-Japanese trade has plummeted after our imports of oil and liquefied natural gas went down," Seko said. "Besides, lower oil prices and weaker ruble led to a slump in Russia’s economy. Imports of Japanese cars and other goods have lowered as a result. Nevertheless, all this cannot alter the fact that Russia remains a frontline of opportunities and I believe that Japanese-Russian ties have a significant potential." The two countries’ leaders aim to "drastically improve economic exchanges," the minister said. "Personally I will keep working on our contacts in this sphere, pushing for cooperation projects," Seko said. "I feel that, by doing so, we will be able to increase the volume of bilateral trade." At the talks with Japanese Prime Minister Shinzo Abe in late November in Peru’s capital on the sidelines of the APEC summit (the Asia Pacific Economic Cooperation), Putin said that over the six months of the current year bilateral trade had shrunk by 36% against the same period in 2015. He explained it largely by the global situation and also by the circumstances caused "by consequences of third countries’ political steps." Read more