The 12th EU-Russia Summit, which took place in Rome on November 6, served to showcase the objectives that have been achieved in relation to the "four areas" that will form the Partnership and Cooperation Agreement (PCA) between Russia and the EU.
The Conference for Energy Dialogue between Russia and the European Union recognized the need to interconnect their electricity systems and create a single European electricity market as a priority issue in the energy market. Participants also discussed the EU's decision to co-finance a study for the construction of a gas pipeline in Northern Europe.
From this Rome summit emerged a joint declaration in favor of defining a future common economic space and cooperation on security and justice. This economic space will largely determine Russia's integration into the World Trade Organization, which Moscow and Brussels consider possible and desirable by the end of next year. This accession is hampered by Russia's refusal to equalize domestic energy prices with those of its European partners. A Spanish industrialist, for example, pays five times more for gas for their factory than a Russian one. Furthermore, Italy, Germany, the Netherlands, and France purchase almost 35% of Russia's oil and gas destined for export.
Any questions about this news?
Talk to Coexia, the AI of the foreign trade
