Russia, Japan cement economic ties

Moscow and Tokyo have inked numerous trade deals during Russian President Vladimir Putin’s visit to Japan.

According to Russian officials, a total of 80 documents, including 68 on commercial matters, were signed during Putin's two-day visit to the Asian country.

The deals include cooperation in several fields including energy sector, tourism, health as well as fisheries.

Russian oil giant Rosneft and Japanese companies Marubeni and Mitsubishi signed a deal to launch a feasibility study for the construction of a gas chemical complex in the Russian Far East.

Also, Rosneft and a consortium of Japanese companies including Marubeni Corporation and Japan Oil, have agreed to explore the Russia shelf zone in the Sea of Japan.

"This is aimed at the efficient monetization of oil and gas resources, among others at the perspective market of Japan, and is a logical continuation of the agreements between the Russian President and the Japanese Prime Minister to strengthen and develop Russian-Japanese relations," Russian media quoted Rosneft CEO Igor Sechin as saying on Friday.

Also, Gazprom, Russia’s state-run energy company, agreed to cooperate with Japanese energy firm including Mitsubishi, Mitsui, JBIC as well as Japan's Agency for Natural Resources and Energy.

Meanwhile, the Japan Bank for International Cooperation (JBIC) and the Russian Fund signed an agreement to start a joint investment company worth up to $1 billion aimed at promoting trade ties between the two countries.

Territorial row

Despite signing numerous economic deals, Japanese Prime Minister Shinzo Abe and Russian President Vladimir Putin failed to achieve a breakthrough on a territorial row over Western Pacific islands which has overshadowed Moscow-Tokyo ties since World War II.

Japanese and Russian officials have announced that they will explore joint economic projects on the disputed islands as a step toward concluding a peace treaty formally ending World War Two.

"Russia and Japan haven't had very much economic cooperation…It is necessary to expand the potential of our economic ties,” Putin said on Friday.

Russia wants to spur Japanese investment in an effort to boost its economy which has already been reeling from low oil prices and the sanctions imposed by the US and the European Union following the 2014 reunification of the Crimean peninsula with the Russian mainland.

Japan, which has joined the anti-Russian sanctions, hopes that expanding ties through joint economic projects will help resolve the territorial dispute over time.

The islands, called the Northern Territories in Japan and the Southern Kuriles in Russia, were seized by Soviet forces at the end of World War Two.

The territorial dispute has prevented Moscow and Tokyo from signing a peace treaty.

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