Tightening bonds to have 'positive impact'

Sino-Russian relations play an important role for the global political and economic stability, and the coordination between the Belt and Road Initiative and the Eurasian Economic Union will boost bilateral investments, said a top economic consultant of Russian President Vladimir Putin on Tuesday in Beijing.

Sergey Glazyev said the Eurasian Economic Union has prepared for weeks to sign a framework agreement with the Chinese government, under which both sides will strengthen the investment environment including declining or easing technological barriers as well as enhancing the protection of intellectual property.

He revealed the agreement will be signed soon, and will be an important step for the coordination between the initiatives.

The Eurasian Economic Union is a Russia-led bloc established in 2015 that comprises Russia, Kazakhstan, Armenia, Belarus and Kyrgyzstan.

In May 2015, President Xi Jinping and Putin signed a joint declaration to coordinate development of the Chinese initiative and the union.

"The international situation is complicated, with unstable regional politics, and both the substantial economy and monetary markets are facing constant changing," he said.

"Therefore, China and Russia still have great potentials about bilateral cooperation in multi-fields, especially the cooperation under the Belt and Road Initiative."

Russia is now seriously considering the coordination between the Belt and Road and the Eurasian Economic Union to realize the integration of regional economy and win-win situation, he said.

Sino-Russian trade relations have been seeing an increase, and China has been the largest trade partner of Russia for years. According to statistics from the Chinese embassy to Russia, the Sino-Russian trade volume from January to September this year reached $61.4 billion, increasing 22.4 percent compared with last year.

Glazyev said Russia has abundant amounts of investment overseas, however the number of the projects under the coordination between the Belt and Road and the Union is still small.

"We should actively push the bilateral settlement in local currency, enhancing banking cooperation, and strengthen links of our financial markets."

Glazyev said the Russian economy is rising and the country welcomes foreign investors. The economic potential of Russia is enormous, which is helpful for the cooperation of companies from both countries.

The coordination between the Belt and Road Initiative and Eurasian Economic Union will have a positive impact on the global economy, which means a lot not only to the Eurasian partnership, but to the world as well, he said.