Putin & Trump Hold Talks – Increasing Trade On The Agenda

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Op/Ed by Chris Devonshire-Ellis

Presidents Putin and Trump held phone discussions last week, for the second time in June. While the focus has been on military issues and a new Arms Control Treaty, the issue of trade was also ‘comprehensively’ dealt with. US-Russia trade reached about US$28 billion in 2019, a very low figure for two Trillion dollar economies.

Anatoly Antonov, the Russian Ambassador to the United States said that Russia and the US could considerably boost bilateral trade, and an objective of the Putin-Trump talks were to promote a ‘dramatic increase in business contacts, trade and investments’ and was set out at the ‘highest level’.

Russia has been under trade and financial sanctions since 2014. During the fist half year of 2020 and the impact of the Covid-19 virus, the Russian economy has shrunk by -4.8% and the United States economy by -8%.

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