Russia and China to increase trade in goods and services to $200 billion by 2024

On 4 of February 2022, based on the results of the Russian-Chinese summit in Beijing, a Roadmap was adopted to increase Russian-Chinese trade in goods and services to $200 billion by 2024.

It's worth mentioning that the task of increasing bilateral trade was set on 5 of June 2019 during the talks between the heads of Russia and China.

The Ministry of Economic Development of Russia and the Ministry of Commerce of the People's Republic of China were defined as departments responsible for the Roadmap development.

The signed document consists of three sections:

General information (Assessment of the current status and review of the prospects for Russian-Chinese trade, analysis of growth potential and existing challenges).
Plan to increase by 2024 the volume of Russian exports of goods and services.
Plan to increase by 2024 the volume of Chinese exports of goods and services.
Systematic measures to promote the increase of Russian-Chinese trade in goods and services by 2024.
As a result of the summit, a Memorandum of Understanding was also signed between the Ministry of Economic Development of Russia and the Ministry of Commerce of China on deepening investment cooperation in the field of sustainable ("green") development. On behalf of the Russian Federation, the document was signed by Minister Maksim Reshetnikov, and on behalf of the PRC, by Minister of Commerce Wang Wentao.

The MOU provides for the parties to encourage cooperation and investment in projects and technologies of solar, wind, nuclear, hydro, hydrogen and biomass energy, car making industry, hydrogen-based fuel cell technologies, energy storage and other resource-saving technologies, manufacture of smart charging devices. Disposal and recycling of energy storage devices, as well as strengthening cooperation in the R&D field.

"China today ranks first among Russia's trade partners. However, there is a vast potential of opportunities for greater collaboration, such as sustainable and digital development projects. Activities in these areas will accelerate economic growth of both countries," said Maxim Reshetnikov.

 Source: gov.ru
Image source: photogenica.ru