Ministry of Economic Development of the Russian Federation
Ministry of Economic Development of the Russian Federation
Maxim Reshetnikov: Mutual trade between Russia and China may reach a historical maximum this year
28 September 2021 18:56

Russian Minister of Economic Development Maxim Reshetnikov held the 24th meeting of the Russian-Chinese Sub-Commission on Trade and Economic Cooperation during his working trip to Yuzhno-Sakhalinsk on Tuesday, September 28. The Chinese delegation was headed by Wang Wentao, the country's Minister of Commerce.

As the head of the Ministry of Economic Development noted, despite the pandemic, Chinese companies continued to implement projects in Russia and launched new ones. "This is an indicator of confidence in the Russian economy," he stressed. For example, over the past year and a half, a car factory has been built in the Tula Oblast, a joint production facility for Kamaz and WEICHAI engines has been set up in the Yaroslavl Oblast, and a logistics complex has been built in the Moscow Oblast. As part of the sub-commission's work, restrictions on trade and investment have been removed, with Russian beef being allowed into China.

"We are determined to step up the pace of cooperation with China - one of our key trade partners and investors," Maxim Reshetnikov confirmed. That is why the Ministry of Economic Development is sending four representatives to China in the coming year to work at the Russian trade mission and promote interaction through the ministry, he said.

According to the minister, the mutual trade turnover has not fallen that much during the crisis, and since January this year it has already grown by almost a third. "By the end of the year there is every chance of reaching a historic high," he said.

On the instructions of the Russian and Chinese leaders, the Ministry of Economic Development and the Ministry of Commerce have developed a roadmap to increase trade in goods and services to USD 200 billion by 2024, which reflects promising areas, systemic measures and investment projects. The head of the Ministry of Economic Development expressed support for the Chinese side's initiative to prepare two inter-ministerial memoranda - on deepening investment cooperation in the field of digital economy and sustainable development. These documents will be proposed for signing at the forthcoming meeting of the Russian and Chinese heads of government at the end of November this year.

The subcommission discussed specific bilateral trade issues, including the prompt restoration of supplies of Russian fish products to China in the traditional "pre-COVID" volumes, ensuring uninterrupted supplies of export cargo via road and rail checkpoints on the Russian-Chinese border, and expanding cooperation on trade in agricultural products and foodstuffs. "We are interested in implementing new major projects - the first Russian-Chinese insurance company and construction of additional capacities of a terminal for receiving and transshipment of liquefied petroleum gas and propylene in Manchuria," the head of the Russian Ministry of Economic Development said.

Ministers exchanged views on cooperation in multilateral formats (G20, SCO, BRICS, APEC, EAS, GTI), WTO reform and the global climate agenda. Maxim Reshetnikov stressed that at the forthcoming UN climate conference in Glasgow, Russia will assert that climate change must be tackled in the most cost-effective way and using available low-carbon technologies, including nuclear and hydropower. "There is a need for global, commonly agreed mechanisms to combat climate change," he stressed.

Дата публикации: September 28, 2021
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