12 Nov 2019 18:51

Russian AgMin, China's COFCO coordinating memorandum on export development

MOSCOW. Nov 12 (Interfax) - The Russian Agriculture Ministry and China's COFCO have begun coordinating a memorandum on development of partnership for more active agricultural exports.

"The draft memorandum was drawn up by the Agriculture Ministry. It is currently being agreed upon with the COFCO corporation," the ministry's press service told Interfax.

"The document fixes the sides' intentions to facilitate business cooperation in the sphere of agriculture and lays the foundation for bilateral cooperation between the Russian Agriculture Ministry and the COFCO corporation for successful fulfillment of the goal set by the Russian and Chinese leaders - boosting bilateral trade turnover to $200 billion," the press service said.

The dates of the official signing of the memorandum will be determined after the process of agreeing upon the document is completed.

An agreement on signing the memorandum was reached at the St. Petersburg International Economic Forum (SPIEF) in June of this year during a meeting between Agriculture Minister Dmitry Patrushev and COFCO Chairman Lu Jun.