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Russia, Japan discuss oil cooperation

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MOSCOW, December 6 (RIA Novosti) - Russian Deputy Economic Development and Trade Minister Andrei Sharonov and Japanese Deputy Foreign Minister Mitoji Yabunaka discussed Tuesday Japan's participation in the development of Russia's oil deposits and the construction of the East Siberia-Pacific pipeline.

Sharonov said Russia was ready to consider Japanese cooperation projects in these spheres.

He also proposed holding a specialized Russian-Japanese investment forum in St. Petersburg in the second half of 2006.

Yabunaka hailed the completion of bilateral talks on Russia's accession to the WTO and the signing of the relevant protocol, expressing hope that Russia would soon join the organization.

The Japanese side also said it was interested in the formation of special economic zones in Russia and that Toyota's decision to build a plant near St. Petersburg had helped to promote Japanese large-scale investments in the Russian industry.

However, the sides said the current condition of bilateral trade and economic relations did not match the economic potential of the two countries and agreed to boost cooperation.

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