The introduction of sanctions against Russia creates conditions for development of trade and economic relations with countries in the Asia-Pacific cooperation. This was stated by first Deputy Prime Minister Igor Shuvalov at the opening of the fifth session of the Russia-Singapore high-level Commission.

"Of course, sanctions are bad, but this is the time when you want to use the time for a specific job, for the development of relations with countries of the Asia-Pacific region", - said the first Vice Premier.

Shuvalov also said that the Ministry of economic development creates a unit that will oversee the entire macro-region (APR), he will be including all business relations, improvement of the legal framework".

Russia relies on the interest of Singapore in cooperation on development of the Far East, said Igor Shuvalov.

"For us it is important that along the lines of the Singapore government and business in the region was attractive. At the same time want to represent other regions", - said the first Vice Premier. In particular, Shuvalov said that Singapore offered to invest in the airport of Vladivostok, as well as in the development of agriculture".

The Singapore government hopes to develop cooperation with Russia not only in traditional areas, but also intends to open up new forms of interaction. This was stated by Vice Prime Minister, Minister of Finance of Singapore Tharman Shanmugaratnam at the 5th session of the Russia-Singapore high-level Commission.

"The consultations between the ministries of health of the two countries, including on social insurance, "he said. For its part, continued the Deputy Prime Minister, "we are ready to share their experience with Russia." In addition, expands the cooperation with Russian regions, in particular, established a working group on cooperation with St. Petersburg, actively developing relations with Vladivostok, Novosibirsk", - added the Shanmugaratnam.

According to the Agency for international enterprise Singapore, the trade turnover between the two countries last year increased by 17% and amounted to $ 5.7 billion. The base of Russian exports amounted to crude oil and petroleum products, and nonferrous metals. Imports were dominated by components for machinery and equipment, electronics, and textile and chemical products.