Sino-Russian economic cooperation: an asset to Eurasia’s development

The development of cooperation between China and Russia plays an important role for the economy of the entire Eurasian region. The first major oil pipeline the two countries built, signify the possibility of future economic cooperation. Such cooperation will go a long way to expand development in the region.

Recently, Russian President Dmitri Medvedev visited China, and signed a series of agreements for economic cooperation. One of the most important of these agreement s were the oil agreements.  The 999-kilometer oil pipeline that connects Skovorodino in eastern Siberia to Daqing in northeastern China should send US$150 billion worth of oil to China over the next 20 years, reported 2point6billion.com (a commentary and news forum about impact trade, development, investment, and emerging markets of Asia).    Oil export is the driving force of the Russian economy, and to cooperate with China in this field is very important for the economy.  This cooperation signifies a strengthening of ties in the region.

Another important thing to touch upon is the Shanghai Cooperation Organization, and what it means for the region. The organization was founded in 2001, and includes China, Russia, Kazakhstan, Kirgizstan, Tajikistan and Uzbekistan.  The members cooperate in areas such as security, military issues, economic questions and other areas. All of the member countries are also members of the Eurasian Economic Community.

As for the Eurasian Economic Community, many statesmen, academics and analysts agree that after the world economic recession, the region is rapidly becoming the world’s new economic center. During a Eurasian Economic Summit recently held in Istanbul, opportunities for the region were discussed.

“The countries in the region must act swiftly to revitalize the Silk Road and not miss the historic opportunity that is currently being offered to them,” Rifat Hisarcıklıoğlu, the president of the Turkish Union of Chambers and Commodity Exchanges (TOBB), said at the conference, according to Today’s Zaman, a Turkish Newspaper.

Eurasia is emerging as a new center on the globe, and the importance it plays in the world economy could become even more crucial in the future.  Russia and Central Asia are considered to be part of the region. Historically, geographically and culturally, the former the Soviet Union, and now Russia, was difficult to categorize into any region. Not Europe, nor Asia, the Soviet Union could be best categorized with the term “Eurasia”.

Economic cooperation between the Eurasian region and China is playing an increasingly important role in the world.  The relationship between the two countries has been an important one for the region and the world.

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