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. Last Updated: 07/27/2016

Japan to Boost Trade

TOKYO -- Japan's Trade Ministry said Tuesday it would ease conditions for trade insurance for business deals with Russia following a pledge from a weekend summit to boost economic ties of the two countries.

The step is expected to pave the way for 39 new deals worth $2.2 billion, a ministry official said without elaborating.

Under the new conditions to take effect Nov. 11, the ministry will grant its long-term trade insurance of two years or longer for projects backed by major Russian commercial banks, even without a Russian government guarantee as required under the current terms.

Japanese Prime Minister Ryutaro Hashimoto and President Boris Yeltsin agreed in the Siberian city of Krasnoyarsk to boost economic cooperation while working for the settlement of a territorial row and the conclusion of a peace treaty by 2000.