Ministry of Economic Development of the Russian Federation
Ministry of Economic Development of the Russian Federation
Russia and China will soon agree on an action plan to achieve a $200 billion trade turnover
25 August 2020 15:14

Minister of economic development of the Russian Federation Maxim G. Reshetnikov and Chinese Commerce Minister Zhong Shan held the 23rd meeting of the Russian-Chinese Sub-Commission on trade and economic cooperation in a videoconference format on August 25.

The Ministers discussed a broad economic agenda ahead of high-level talks planned in the autumn.

The meeting was devoted to enhancing bilateral cooperation in the fight against the spread of coronavirus infection and diversifying the forms of trade and economic ties between Russia and China. They discussed the prospects for expanding trade in agricultural products, as well as strengthening cooperation in multilateral formats and developing exhibition and fair activities.

It was noted that despite the difficult economic and epidemiological situation in the world and some subsidence in bilateral trade in the first half of 2020, there are positive changes in the commodity structure of Russian exports to China. In particular, Russian agricultural products, food products, chemical products, and ferrous metals have increased.

"The main thing is to fulfill the instructions of the leaders of our countries, finalize, agree and sign the "action plan" in order to reach the goal of $ 200 billion in trade turnover by 2024," the Head of the Russian Ministry of Economic Development said. The Ministers agreed to finalize the action plan before the 24th meeting of the Commission for the preparation of regular meetings of the Heads of Government of Russia and China, scheduled for autumn.

Maxim Reshetnikov called the development of e-Commerce an important area of cooperation: last year, the bilateral turnover in this area reached $ 4.8 billion. He suggested discussing the issues of "harmonization of conditions for mutual access of goods in terms of tariff and non-tariff regulation". It was decided that experts from the two countries will work on this topic at the site of the permanent working group in the field of electronic Commerce.

The Ministers expressed their intention to help restore the economic development of the two countries and exchanged information on best practices to overcome the crisis caused by the pandemic.

Agreements were reached on the development of a number of bilateral documents on the development of cooperation in the Arctic, in the field of intellectual property, as well as between the regions of the two countries.

The Ministers confirmed their intention to continue working to ensure mutual access of agricultural products to the markets of the two countries and implement a number of initiatives to increase the volume of soybean exports from Russia to China.

The Heads of Departments also agreed to jointly promote issues of common interest on the WTO agenda, actively interact within international organizations, and develop cooperation with third countries.

The work meeting was attended by representatives of the Ministry of Foreign Affairs of Russia, Ministry of Industry and Trade, Ministry of Agriculture, the Russian Federal Service for Intellectual Property, the Federal Agency on Technical Regulating and Metrology, the Federal Service for Accreditation, the Russian Agency for Health and Consumer Rights and the Federal Service for Veterinary and Phytosanitary Surveillance and the Russian-Chinese business Council and the the All-Russian NGO of Small and Medium-sized Businesses.

Дата публикации: August 25, 2020
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