According to him, "almost $4 billion worth of Russian products have been produced as part of the so-called import substitution.”

That means, previously imported cheese, sausages, and other products have been replaced by domestic ones, Gromyko told reporters on Monday.

Moscow banned imports of agricultural produce, food and raw materials from some Western countries in 2014. The move was in response to EU and US sanctions against Russia over its alleged role in the Ukrainian crisis.

The sides have repeatedly broadened and extended the restrictive measures since then despite warnings to Western governments that their economies are suffering. Some policymakers and businesses say the measures have proven to be politically ineffective and economically harmful for both Russia and Europe.

Russian President Vladimir Putin recently said the country's reciprocal action in the form of an embargo on certain Western food products were good for Russia’s economy and should last "as long as possible."

He explained the ban was also in the consumers’ interest, with high-quality domestic products at lower prices becoming more available.

Prime Minister Dmitry Medvedev said it is necessary to develop agriculture and industry so that it will be competitive with the West.

According to Medvedev, the measures were introduced to stimulate domestic production, and many Russian companies have been asking the government to keep them.

"We have imposed the embargo not to annoy our Western partners but mainly to develop our economy. Russian businesses asked us not to cancel it because of the opportunities they have,” said Medvedev.

“Everybody is concerned about trade wars. If trade stops, war starts,” he said in Melbourne, where the e-commerce giant Alibaba opened its Australia and New Zealand headquarters.

“But worry doesn't solve the problem. The only thing you can do is get involved and actively prove that trade helps people to communicate,” said Alibaba’s CEO, as quoted by Business Insider Australia.

The globalized economy is more than just transactions of money and goods, according to Ma.

“We have to actively prove that trade helps people to communicate. And we should have fair trade, transparent trade, inclusive trade,” he said.

“Trade is about a trade of values. Trade of culture,” said the billionaire, stressing that he felt a personal responsibility to fly more than a hundred thousand kilometers in the past month to promote global commerce.

Jack Ma spoke with Australian Prime Minister Malcolm Turnbull on Friday about creating ‘a regional e-hub’ a trade zone allowing freer online business with less border bureaucracy to deal with.

“If Australia, New Zealand and other countries can create a free trade zone in the form of an e-hub for small businesses, they can work like the big companies – with 24 hours clearance, better tariffs, and quicker inspections. That could help a lot of small businesses,” he said.

While meeting US President Donald Trump last month, Ma announced Alibaba would help to create a million jobs in the US.

Trump has taken a protectionist stance, sharply criticizing all the attempts to involve his country in new trade agreements.

The US President’s first executive order withdrew the US from the Trans-Pacific Partnership (TPP), a deal among eleven Pacific Rim countries, which include Australia and New Zealand.

The total energy consumption of Mongolia was 6.9 billion kW/hour as of 2015, 21 percent of which is imported from China and Russia at a high price.

Electricity tariff is legislated to be 15-18 cents from solar energy and 9.5 cents from wind power in Mongolia. Mongolia has made agreement with countries such as Chile and United Arab Emirates to buy 1 kW/hour solar energy-based electricity for less than 3 cents, which is equal to half the cost of energy production from coal.

Currently, there are three renewable energy sources-based plants operational in the Mongolian energy system, including ‘Salkhit’ wind plant , ‘Dorgon’ and ‘Taishir’ hydropower plants. These plants produce approximately 210 million kW/hour electricity and supply to the energy network and their supply price should be lowered, say corresponding officials.

The license enables JPMorgan to underwrite debt financing instruments issued by non-financial entities, including commercial papers, medium-term notes and other instruments approved by regulators, it said.

The license was granted by the National Association of Financial Market Institutional Investors (NAFMII), which oversees the Chinese interbank bond market, said a statement issued by JPMorgan.

China is the third largest bond market in the world with 43.7 trillion yuan ($6.37 trillion) outstanding at the end of 2016 with the interbank bond market accounting for over 90 percent, according to China Central Depository & Clearing Co.

In September last year, JPMorgan was granted a business license to operate a fully owned fund management business in China, allowing it to set up an office in Shanghai free-trade zone.

(Reporting by Sumeet Chatterjee; Editing by Vyas Mohan)

The project is aiming to distribute constant reliable electricity service of higher quality in the rural area to meet the increasing demand of electricity. The preparatory work is being made to support sustainable energy by reducing system losses and improving economic efficiency of power supply companies, such as “Baganuur-Southeastern Region Electricity Distribution Network” SOE, “National Power Transimission Grid” SOE and the “Western Energy System” SOE JSCs.

The following actions are planned within the project:

Upgrading and expansion of “Baganuur-Southeastern Region Electricity Distribution Network” SOE.
Upgrading and expansion of “Erdenet-Bulgan Electricity Distribution Network” SOE.
Expansion of “National Power Transmission Grid” SOE’s distribution facilities in Baganuur and Khangai.
Establishment of 10 MW solar photovoltaic power plant for “Western Energy System” SOE.