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MOSCOW, Oct. 22 -- Russia has no intention to increase export to the Asia-Pacific region while decreasing its trade with European countries, Russian Economy Minister Alexei Ulyukayev said on Wednesday.

While Russia takes China, Japan, South Korea and other countries of the Asia-Pacific region as potential markets, it is not going to cut trade with traditional trade partners like the Netherlands, Germany or Italy, the minister told a business conference here.

"We are looking for a new balance and don't want to increase the export to the Asia-Pacific region at the expense of export to the European countries," the RIA Novosti news agency quoted Ulyukayev as saying.

Moscow is going to set up free trade areas and to increase investment cooperation with Asian countries, according to the minister.

BRICS countries are also Russia's promising trade partners, Ulyukayev added.

Ulyukayev said on Monday that foreign investor representatives who attended the meeting of Russia's Foreign Investment Advisory Council had confirmed their desire to continue cooperation with Russia "in any geopolitical and fundamental economic circumstances."

Russian Foreign Minister Sergei Lavrov said on Oct. 14 that Russia saw no alternative to relations with the European Union and was ready to discuss the creation of a free trade zone with the EU.