Russia, China eye to reach $200B trade turnover

Russian, Chinese heads of government hold video meeting.

Russia, China eye to reach $200B trade turnover

Russia and China eye to increase the bilateral trade turnover to $200 billion within three years, Russian Prime Minister Mikhail Mishustin said on Tuesday.

The current high level of Russian-Chinese "comprehensive partnership" allows for setting such ambitious goals, Mishustin said at a video meeting with his Chinese counterpart Li Keqiang.

"In January–October of this year, the volume of our trade turnover increased by 31% and amounted to $110 billion, which is already a serious amount.

"At the end of 12 months, we expect to reach new record levels. The main thing is to bring bilateral trade to $200 billion in the next three years, as our heads of state instructed us to do," Mishustin said.

He then praised the "special value" of Russian-Chinese relations that cover "all areas and directions of cooperation."

Turning to challenges, Mishustin stressed that both Russia and China have to deal with "illegal unilateral sanctions, political and economic pressure," adding that the best response to restrictive measures is to build up cooperation and develop economic ties.

"Our best response is to unite efforts for joint development based on the principles of equality, mutual trust, and respect," Mishustin said.

For his part, Li Keqiang, noted "a huge potential and a broad perspective of cooperation" between Russia and China.

He also said China is ready to work together in the fight against COVID-19, to ensure the sustainability of the global supply chain, strengthen green development, contribute to the recovery of the global economy, and play a larger role in peace and stability in the region and across the world.

Hüseyin Demir

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