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Britain's Business Secretary Peter Mandelson arrives in Moscow on Sunday
Britain's Business Secretary Peter Mandelson arrives in Moscow on Sunday to discuss measures to fight the global financial crisis and broader trade with Russia, the U.K. Department for Business, Enterprise and Regulatory Reform said.

"The four day visit ... is designed to underline the importance of economic links between the two countries as well as being an opportunity for dialogue about the international response to the global financial crisis, the Department said.

The global credit crunch, sparked by the subprime mortgage crisis in the United States, quickly spread to Asia and Europe leading to record losses on global financial markets and a worldwide liquidity shortage.

Lord Mandelson arrives in Moscow with a business delegation led by General Director of the Confederation of British Industry Richard Lambert. The delegation includes representatives from major British and international companies, such as Aviva; BP Russia; Ernst &Young; JCB, Hambro Mining; and Whitbread.

"We are the largest investors in Russia and so U.K. business has a significant stake in the Russian economy and significant interests in its success," Lord Mandelson said.

The British business secretary is expected to meet in Moscow with Russian Finance Minister Alexei Kudrin, other government members and representatives of Russian business.

Russia-U.K. trade increased 42% in the first six months of 2008, year-on-year, to $11.1 billion compared with $16.6 billion for the whole of 2007.


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