The European Commission, the executive arm of the European Union (EU), adopted a negotiating policy on Monday to reach a new Partnership and Cooperation Agreement (PCA) with Russia.

"Russia is a strategic partner for the EU and we share many areas of interest and inter-dependence; it is important that these should be reflected in the new Agreement," said Benita ferrero-Waldner, EU Commissioner for External Relations.

The Commission is proposing an agreement which covers the whole range of EU-Russia cooperation, with a particular focus on trade and energy relationship between the EU and Russia.

The new PCA will provide an updated and more ambitious framework for the EU-Russia relationship, said the Commission in a statement.

The Commission said that it would seek the approval of the draft negotiating directives by the EU nations before the end of the year.

"The negotiations with the Russians can start as soon as possible thereafter," said the Commission.
 
At the EU-Russia Summit in late May this year, leaders agreed to develop a new agreement to replace the PCA, which will reach the end of its initial 10-year period on Nov. 30, 2007.

(Xinhua News Agency July 4, 2006)