Russia to Establish Tariff-Free Zone on Disputed Islands

Politics

Moscow, Sept. 3 (Jiji Press)--Russia will establish a tariff-free zone on four islands at the center of a decades-old territorial dispute with Japan in order to attract investment, President Vladimir Putin said Friday.

Putin made the statement during a plenary session at the Eastern Economic Forum, hosted by Russia in Vladivostok.

The preferential treatment will be available for Russian companies, as well as Japanese and other foreign businesses, he explained.

It is believed that Russia aims to encourage Japan's cooperation on joint economic activities on the four islands, called the Northern Territories in Japan, as no measurable progress has been made in discussions on the issue.

Russian authorities are making final arrangements for establishing the tariff-free zone.

[Copyright The Jiji Press, Ltd.]

Jiji Press