Russia to deepen economic ties with China as West takes a dictatorial stance

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Moscow, May 24 | Moscow expects increased economic cooperation with China as the West takes a more dictatorial stance in global affairs, said Russian Foreign Minister Sergey Lavrov.

Russia intends to build relations with independent countries and will decide how to deal with the West if and when it comes to its senses, he added, RT reported.

“Now that the West is taking the position of a dictator, our economic ties with China will grow even faster,” Lavrov told students at the Primakov School, an elite Moscow educational institution named after one of his predecessors. Evgeny Primakov served as foreign minister from 1996-98 and after that as prime minister.

“In addition to direct income to the treasury, this will give us the opportunity to implement plans for the development of the Far East and Eastern Siberia,” Lavrov said.

“The majority of projects with China are concentrated there. This is an opportunity for us to realize our potential in the field of high technology, including nuclear energy, but also in a number of other areas,” he added.

If and when the West comes to its senses and wants to offer something in terms of resuming relations, Russia will “seriously consider whether we will need it or not,” the foreign minister told the high-schoolers, RT reported.

Moscow isn’t just implementing a strategy of import substitution in response to anti-Russian sanctions, but “must stop in any way being dependent on the supply of anything from the West” and rely on its own capabilities and those countries that have “proven their reliability” and act independently, Lavrov explained.

Source: IANS

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Weekly Fundamental Market Outlook

Weekly Fundamental Market Outlook

Indian share market posted its first weekly gain in Jun by rising 2.7%.

This week, the Indian Stock Market rebounded strongly and ended with first weekly gain of 2.7% in June as a drop in commodity prices offered some relief from broadening inflationary pressures. Copper prices, which are often seen as a bellwether for economic output due to their wide range of industrial and construction uses, are heading for their worst week in a year, while oil prices have dropped over concerns of slumping demand.

While the US recessionary fears are still at the forefront, but the slide in commodity prices has lifted the mood of stock market.Cheaper oil is usually beneficial for oil-importing countries such as India.

Domestically, on sectorial basis, Auto and FMCG are the top gainers, while Metal index is the top losers. On stock basis, Hero MotoCorp, Eicher Motors, Hindustan Unilever, Maruti Suzuki and M&M were the top gainers and Tata steel, UPL, Reliance Industries, hindalco Inds and Coal India were the top losers.

In the next week, investors will keep a close eye on crude oil price movement, commodity prices, US economic activity and the geopolitical development.

 

Post Disclaimer by BhaskarLive.in

The information contained in this post is source form the news agency or PR agency. We do not take any responsibility of accuracy of information. We have not made any modification or changes in original source content. This information only for general information purposes only. The information is provided by BhaskarLive.in and while we Endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.

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