The year 2007 will mark the tenth anniversary of the Partnership and Cooperation Agreement (PCA) between the EU and Russia. At their Sochi summit in May 2006, the two parties agreed to work towards a new agreement to replace the PCA. This book explores whether the EU and Russia could make a better job of their strained relationship, which, while peaceful, is nevertheless characterised by mounting grumbles on both sides over how to govern oil and gas trade and investment, through to issues of democratic values and divergent approaches to such countries as Georgia and Ukraine in their overlapping neighbourhoods. The book presents the views of independent analysts from both the EU (Michael Emerson, Fabrizio Tassinari and Marius Vahl) and Russia (Nadezhda Arbatova, Timofei Bordachev and Andrey S. Makarychev) on how to proceed. Also included is a view from Europe’s business leaders. The editor, Michael Emerson, was the European Union’s first ambassador to Moscow from 1991 to 1996. The negotiations that will soon begin at the official level will no doubt be a long process. This book provides ideas that the authors would like the negotiators to embrace, and in any case serves as a valuable reference against which to check what political leaders choose to do.