BEIJING, September 25, 2015 /PRNewswire/ -- IZP Technologies Group president Luo Feng was invited to the first East Russia Economic Forum, held in Vladivostok on September 5. There he gave a speech on the theme of "Cooperation on building a Far-East Freeport Big Data based Comprehensive Trade Service Platform" and two days later on September 7 signed a strategic agreement with Maxim Chereshnev, chairman of the Trade and Economic Committee of the Russian Federation.
Both sides reached a cooperation intention on trade clearing services between China and Russia, and even between Russia, the European Union and the Middle East. The old trade financial system between China and Russia, with the US dollar as the intermediary of the Ruble - US dollar - RMB exchange process, brought with it high costs and exchange risk to businesses carrying out international trade between China and Russia. Both agreed that this cooperation is conducive to improving Russian exports, and will reduce the costs for small and medium-sized enterprises on trade settlement. By 2014, the total volume of Russian imports and exports reached $782.86 billion, with a year-on-year growth of 35.6% (the same below). Among them, the export volume was $496.93 billion with a growth rate of 71.3%.
Russia is an important part of One Belt and One Road, and The Eurasian Economic Union is a trade union dominated and improved by Russia, as well as other participating countries, Kazakhstan, Kyrgyzstan, Belarus and Armenia. With Russia joining the One Belt and One Road strategy, the Silk Road Economic Belt will extend from Beijing to Poland. It will allow China will further strengthen the cooperation mechanisms between Shanghai Cooperation Organization and BRIC countries, and improve the multilateral cooperation within the Eurasian Economic Union framework from a long-term point of view.
The clearing services will be carried out by IZP Group's cross-border financial company Globebill, which provides small and medium-sized enterprises with cross-border trade payment financial services. At present, Globebill has established a collection and payment network covering more than 104 countries and regions in the world, and is China's largest cross-border payment platform. Globebill is committed to reducing the cost of cross-border settlement and payment for China's small and medium-sized enterprises, realizing local currency - RMB exchange directly, speeding up the collection of small and medium-sized enterprises, and promoting facilitation of cross-border trade of Chinese enterprises.
Globebill enlarged the scale of deploying the payment and settlement network around the globe in 2013. Its coverage has reached Central Asia, the Middle East, Europe and Africa. The approval by Russia for IZP to carry out clearing service has speeded up the pace of our global layout for better serving the traders between China and Russia.
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