Russia, Sweden To Cooperate In Economy & Trade

Russia and Sweden have signed an agreement on economic and trade cooperation and development in 2006-2007 in a bid to enhance trade volume between the two sides, Russia's Ministry of Economic Development and Trade said on Monday.

The two sides agreed to make joint efforts to increase bilateral annual trade volume to 10 billion U.S. dollars in 2010, the Interfax news agency reported.

The trade volume between Russia and Sweden reached 4.2 billion dollars in 2005, 32 percent higher than that of 2004. Russia's exports to Sweden reached 2.3 billion dollars, up 48 percent over 2004, and imports from the Nordic country stood at 1.9 billion dollars, up 15 percent.

In 2005, Sweden's direct investment in Russia grew by 17 percent to 160 million dollars, boosting its total investment in the country to 4 billion dollars.