A socially oriented non-financial development institution and a major organizer of international conventions, congress, exhibitions, business, social and sporting, public, and cultural events.

The Roscongress Foundation is a socially oriented non-financial development institution and a major organizer of international conventions; exhibitions; and business, public, sporting, and cultural events. It was established in pursuance of a decision by the President of the Russian Federation.

The Foundation was established in 2007 with the aim of facilitating the development of Russia’s economic potential, promoting its national interests, and strengthening the country’s image. One of the roles of the Foundation is to comprehensively evaluate, analyse, and cover issues on the Russian and global economic agendas. It also offers administrative services, provides promotional support for business projects and attracting investment, and helps foster social entrepreneurship and charitable initiatives.

Each year, the Foundation’s events draw participants from 208 countries and territories, with more than 15,000 media representatives working on-site at Roscongress’ various venues. The Foundation benefits from analytical and professional expertise provided by 5000 people working in Russia and abroad. In addition, it works in close cooperation with 155 economic partners; industrialists’ and entrepreneurs’ unions; and financial, trade, and business associations from 75 countries worldwide.

The Roscongress Foundation has Telegram channels in Russian (t.me/Roscongress), English (t.me/RoscongressDirect), and Spanish (t.me/RoscongressEsp). Official website and Information and Analytical System of the Roscongress Foundation: roscongress.org.

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How to Improve Export Efficiency and Trade Without Fear
4 June 2021
10:00—11:15
KEY CONCLUSIONS
Change in export conditions and increased influence of national currencies

The world is changing. <...> For 20 years the distribution of currencies in global reserves has changed, the dollar's share has fallen by 11%. <...> There has been a diversification in the world of national currencies. <...> In addition, changes in reserves mean changes in trade. <...> Russia has reduced the share of the dollar in trade settlement reserves in eight years and switched to significant trade volumes in yuan and rubles — Konstantin Polunin, Partner, Associate Director, Head of Business Development for Public Sector Practice Area in Russia, BCG.

In particular, over the past few years, the share of roubles in the structure of settlements for exports has increased from 54% to 70%, and for imports from 61% to 75%. It is impossible to ignore these numbers. <...> There is also a trend towards the de-dollarization of the Russian banking system, which is carried out by the Central Bank of Russia <...> Thanks to the sanctions, we have become much stronger — Kirill Levin, Member of the Board, First Deputy Chairman of the Board, Russian Agricultural Bank.

It is too early to say that national currencies occupy a significant place in the global trade. The issue of settlements in national currency is an issue of economic security, economic sovereignty, and economic freedom, unless you want your transactions to stop somewhere — Azer Talibov, Chairman of the Board, Eximbank of Russia.

ISSUES
Biased evaluation of the rouble

When will we see the rouble triumph over all currencies? A country that produces so many different things that the entire world needs, cannot be in the rankings calculations where it is now. <...> We are among the leaders in importing foreign cash into Russia. We import billions of dollars and billions of euros — Kirill Levin, Member of the Board, First Deputy Chairman of the Board, Russian Agricultural Bank.

There is a lot of confusion in global trade, especially with the sanctions that are being imposed. Every foreign exchange company has its own operational risks. We need to understand which markets we are dealing with and what we are doing. <...> Basically, both Russia and Kazakhstan export natural resources, and it is clear that all trade in raw materials revolves around the dollar — Kairat Kelimbetov, Manager of the ‘Astana’ International Financial Centre.

We see new developments: trading sometimes takes place not only in dollars, euros, and national currencies, but also in cryptocurrencies. And these volumes are very significant — Konstantin Polunin, Partner, Associate Director, Head of Business Development for Public Sector Practice Area in Russia, BCG.

SOLUTIONS
Developing trade in national currencies

Trading without fear is impossible, but fear can be reduced. It will happen if you trust your counterparties, if you are certain that the funds will arrive on time, and if you know you will not lose money on the exchange rates fluctuation. It makes sense to develop trade in national currencies. <...> It is necessary to create mutual interest and stability for national economies and systems of partners trading with each other. This implies long-term partnerships. Changing the financial system does not take a day or even a decade. <...> Creation of strong independent exchanges will allow to determine pricing and increase mutual trust among trading partners. Then there is development of financial institutions. Then there is export-import crediting for purchase of capital goods, related to project financing, and so on — Konstantin Polunin, Partner, Associate Director, Head of Business Development for Public Sector Practice Area in Russia, BCG.

Challenges that make us stronger make us work harder and better — Azer Talibov, Chairman of the Board, Eximbank of Russia.

The key is the client's opinion: how it is convenient for them to trade. If they want to protect themselves from currency fluctuations and currency risks, it would be more appropriate for them to sell contracts in national currencies as well — Daniil Algulyan, Deputy Chairman – Member of the Management Board, VEB.RF.

We should encourage trade in national currencies. <...> Perhaps, digital baskets of national currency will soon be offered — Kairat Kelimbetov, Manager of the ‘Astana’ International Financial Centre.

We will form a common market, and settlements in national currency will dominate that space — Nikolai Podguzov, Chairman of the Management Board, Eurasian Development Bank.

The material was prepared by the Russian news agency TASS