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Ministry of economic development of the Russian Federation

Economic Development Ministry Invited German Business to Strive for Transparent Rules of the Climate Agenda Implementation

24.11.2020

On Monday, 23rd of November, Maxim Reshetnikov, Minister of Economic Development of the Russian Federation, contributed to meeting of the Presidential Council of the Russian-German Chamber of Commerce.

Focus of the discussion was on the preferred directions of Russian economic policy in the context of the world crisis.

The Minister noted that Germany is one of the top-priority partners of Russia. “For the last 6 years, Germany has been taken second place in Russia’s foreign trade turnover and the Russian-German Chamber of Commerce has played not unimportant role in development of our cooperation, especially in the new normal,” he said. “We are interested in developing cooperation with the German partners. Our goal is to move towards co-production of products with high-added value for the needs of automotive industry, aviation industry, rolling-stock manufacturing, energy,” Maxim Reshetnikov added.

The Department Head paid special attention to developing the Russian-German cooperation on the climate agenda, which, in his opinion, has strong potential. “We share the rhetoric of the European Union about the need to accelerate efforts on the climate agenda and are willing to discuss it with the German side at international platforms,” he confirmed.

This being said, Russia is concerned about plans of the European Commission to introduce cross-border carbon regulation within the framework of the Green Deal, Head of the Russian Ministry of Economic Development emphasized. “We anticipate the growth of duties and costs for European producers,” he explained. According to the Minister, additional charges will affect the main consumers of metallurgical products and manufacturers of composite goods, including machinery, automobile manufacturing and shipbuilding. “Together with the German business, we invite to strive for transparent rules for the climate agenda implementation in compliance with the WTO's principles, so that we can find solutions suitable for everyone,” Maxim Reshetnikov concluded.

In return, Matthias Schepp, Chairman of the Board of the Russian-German Chamber of Commerce and Head of the Moscow Office of the Association of German Chambers of Commerce and Industry, noted that even in the current crisis year, net German investments in Russia has reached an impressive amount of 1.4 bln euros by September. After a slight decline in the second quarter, optimism prevailed among investors in the third quarter, and volume of capital investments in the future amounted to 700 mln euros.

Background information:

The Russian-German Chamber of Commerce is the largest foreign business community in Russia with 1,000 member companies. The Chamber acts on behalf of the German Federal Government aiming to promote development of foreign economic relations with Russia. It represents interests of German business in Russia and supports Russian companies in their activities in Germany.

Source: Ministry of Economic Developmentof the Russian Federation



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