Which country is the main trading partner of Russia?

Answer 1

The European Union and the Russian Federation have a strong trade relationship. Bilateral trade and investments continue to grow rapidly.

Russia is one of the EU's key trading partners and trade between the two economies has showed steep growth rates until mid 2008. This trend was interrupted by the economic crisis and the unilateral measures adopted by Russia which have affected our bilateral trade.

The EU is by far Russia's main trading partner, accounting for 52.3% of its overall trade turnover in 2008. It is also by far the most important investor in Russia. It is estimated that up to 75% of FDI stocks in Russia come from the EU Member States. At the centre of EU-Russia relations at present are ongoing WTO accession negotiations and the negotiations of a New Agreement to replace the current Partnership and Co-operation Agreement. The Partnership for Modernization is designed to boost cooperation under the EU - Russia Common Spaces.

The New Agreement with Russia, currently under negotiations, should strengthen bilateral trade relations by enshrining some basic principles and objectives in the area of trade. The New Agreement should therefore contain substantial trade and investment related provisions.