Trade between Russia and the European Union (EU) is expected to amount to an impressive $270bn in 2007, Deputy Foreign Minister Alexander Grushko told a press conference today according to RBC. He noted that Russia was among the EU's three major partners, and its share in the EU's trade was consistently increasing. Grushko added that the economies of both the EU and Russia were integrating and becoming mutually dependent, while Russia's economic growth was likely to make it the EU's competitor. Therefore, Russia and the EU need to regulate their trade and economic relations, Grushko stated.
The Deputy Minister also noted that Russia and the EU had similar policies on the prevention of new threats, non-proliferation of weapons, the resolution of international conflicts, and other problems.