Russian PM: China-Russia Deal Could Reach $200 Billion

China - Russia
Russian Prime Minister Dmitry Medvedev and Chinese Premier Li Keqiang attend a signing ceremony at the Great Hall of the People in Beijing November 7, 2018.
(Photo: REUTERS/Thomas Peter/Pool)

In a recent press conference, Russian Prime Minister Dmitry Medvedev said that China and Russia are currently discussing on a new level of bilateral trade between the two superpowers. He added that should everything go forward as planned, the $200 billion trade turnover will be achievable.

During his speech, Prime Minister Medvedev said that bilateral trade between China and Russia are improving and it has the potential to cross the $100 billion mark this year. This is already an impressive achievement especially when viewed 10 years ago when the deal between the two countries started.

Now that trade deals are fluidly going in and out of the two countries, the Russian Prime Minister is optimistic that the two countries should be able to easily cross the $200 billion worth of trade turnover within the foreseeable future. Mr. Medvedev made these remarks during a press conference following the 23rd regular meeting of top Chinese and Russian government officials.

Mr. Medvedev said that he is in full agreement with his Chinese counterparts on several issues regarding improvement trade outlets between China and Russia. Among those that were discussed during the meeting are policies that will help support small businesses, the development of a new platform that will cater to electronic trade and its accompanying payment system.

Aside from lifting bilateral hurdles, the Russian prime minister said that he is also considering lifting other barriers in order to streamline the country's trade negotiations with China. He also stressed the importance of China's Belt and Road Initiative which aims to connect mainland China with the Eurasian Economic Union.

Mr. Medvedev said that China and Russia have several joint ventures encompassing a number of important sectors. Chief among these ventures are projects in energy, gas, oil and oil refining industries. The two superpowers are also developing high technologies including space navigation, new materials, and the establishment of a computer infrastructure for artificial intelligence.

As for the agricultural sector, China is looking to shift its soybean import industry away from the United States and towards Russia. China and the United States are currently embroiled in a bitter trade war, hence the need for the former to look for alternative markets to buy agricultural produce.

China is working on a new deal to import soybean from Russia. On top of that, the two countries are also looking to push forward with the development of logistics technology in order to easily transport goods from one country to another.

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