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Mr Putin stressed the essential role of the Economy Ministry in every era of Russian history. Established two centuries ago, the ministry could be regarded as the predecessor of the present-day Economic Development and Trade Ministry, he said.

The market situation, the investment climate and entrepreneurial initiative largely depend on the efficient performance of the Economic Development and Trade Ministry. Its main goal is to free the economy of monopolies’ sway, remove administrative obstacles and open new opportunities for enterprise, the President said.

Among top ministry priorities, he highlighted drafting laws and national economic development programmes, and the regulation of economic relations between the centre and regions.