A Study of Russia-APEC Relationship

Li Yonghui

Abstract: The trade structure, opening degree and integration of Russia stay in a relatively low level compared with other major countries in the Asia-Pacific region. The free trade agreement of the Eurasian Economic Union and Vietnam is expected to initiate Russia's integration process that takes establishing free trade zones as its main cooperation target. As China is Russia's best partner under the APEC framework, in their future economic and trade cooperation they will seek cooperation areas centered on the Belt and Road initiative and the Eurasian Economic Union. A multitude of factors such as major-country relations, neighborhood diplomacy, regional and sub-regional cooperation, hot and difficult points add complexity and challenges to the cooperation between Russia and APEC.

Keywords: Russia's Asia-Pacific strategy, APEC, China-Russia relationship

The Asia-Pacific Economic Cooperation (APEC) is the highest-level intergovernmental economic integration cooperation mechanism throughout the Asia-Pacific region. It is committed to promoting market openness and thus accelerating development. As regional economic cooperation produces regional interests, APEC members have kept opening up and gained extensive support. In 1998, Russia joined the APEC as a sovereign state. The Eurasia Economic Union (EEU) led by Russia signed a free trade agreement (FTA) with Vietnam on May 29, 2015. This is not only the EEU's first FTA, but Russia's first one with an APEC member after it joined the organization. It signifies that Russia's economic integration with the Asia-Pacific region will go deeper toward cooperation featuring free trade zones.