London to host first-ever Russian-British Economic Dialogue forum

A source in the Russian delegation told Itar-Tass this is a new form of cooperation between Russia and Britain prompted by the growing financial and economic crisis. ?For bilateral relations this is a breakthrough in a sense. It is a demonstration of pragmatism and of the wish to discuss some very crucial matters of financial and economic development of Russia and Britain,? he said. Taking part in the dialogue will be CBR First Deputy President Alexei Ulyukayev, officials from the Federal Service for Financial Markets, and Russian businesses, including VTB chief Andrei Kostin. ?We expect there will be an exchange of information about the latest steps and measures the British and Russian authorities have been taking, as well as their effectiveness in combating the world financial and economic crisis. Also in focus will be a new financial architecture.? In that connection questions will be raised of amending the functions of international financial institutions, including those of the International Monetary Fund, the World Bank and the Financial Stability Forum. The source speculated that according to preliminary information, Britain will support Russia?s admission to the Financial Stability Forum. For its part, Russia is hoping that a decision in favor of its membership of that organization will be made before or at the G20 forum due on April 2. The new US Administration, as some preliminary signs indicate, would be prepared to let Russia into that organization as soon as possible. Russia believes there is an urgent need for the FSF to incorporate the other countries of the BRIC group (uniting Brazil, Russia, India and China). The forum will be formulating principles of the world financial system?s operation in the post-crisis period and Russia would like to participate in these discussions, the source said. Besides, Russia is interested to see the condition of the British pound, because a certain share of its gold and foreign exchange reserves is in the British currency. Kudrin will participate in a discussion of cooperation between the financial and economic authorities with businesses in the City. The Russian deputy prime minister will hold a number of bilateral meetings - with the Chancellor of the Exchequer, Alistair Darling, and with Lord Peter Mendelson, who co-chairs the Russian-British inter-governmental commission. There are plans for Kudrin?s meeting with Britain?s Foreign Secretary David Miliband for a discussion of simpler visa rules for Russian businessmen. ?We believe that trading and economic relations and relations in the investment sphere should not depend on timeserving political factors, and it looks like the British side agrees with this,? the source said. Russia plans to establish cooperation with the financial and economic segment of the new US Administration. This format of cooperation will be discussed at Kudrin?s meeting with US Treasury Secretary Timothy Geithner in Rome in the middle of February. ?This is a very promising form of cooperation, in the context of the crisis in particular,? the Russian delegate said, Kazinform cites ITAR-TASS.