28 Jul 2022 19:06

Russia, China trade turnover could reach $165-$170 bln in 2022 - Russian Economic Development Ministry

MOSCOW. July 28 (Interfax) - Trade turnover between Russia and China could reach $165-$170 billion in 2022, and the value of mutual trade in the first months of the year has already exceeded the target, the press service of Russia's Economic Development Ministry has reported, citing Economic Development Minister Maxim Reshetnikov.

Implementing the roadmap for increasing Russian-Chinese trade in goods and services was discussed during the meeting of the Russian-Chinese subcommittee on trade and economic cooperation, which is headed by Reshetnikov.

"The value indicators of mutual trade in 2021 and in the first months of 2022 have already exceeded the targets set in the road map. We expect to reach $165-$170 billion by the end of 2022," Reshetnikov said.

Reshetnikov noted that the volume of mutual trade in goods and services was 20% higher than the established target in 2021.

According to Russia's Federal Customs Service (FCS), trade turnover between Russia and China totaled $140.7 billion in 2021, an increase of 35.2% year-on-year. The Economic Development Ministry previously reported that trade turnover between Russia and China increased over 35% year-on-year in the first quarter of 2022.

The positive dynamics of trade with China continued in the first half of this year, with the figure rising 16%, according to the Economic Development Ministry's press release.

The roadmap for boosting Russian-Chinese trade was approved in February this year, and it envisages increasing trade between the countries to $200 billion by 2024.

The parties are working to remove barriers in the trade, economic and investment areas, the Economic Development Ministry said in the statement. Specifically, deliveries of Russian fish products in bulk and in containers to the Chinese ports of Dalian and Qingdao resumed in January 2022. In February, the Chinese market was opened for supplies of Russian spring wheat and barley from all of Russia's regions.

"There are positive results after the past sixth round of consultations that took place three weeks ago on July 6. Work has intensified on admitting Russian livestock products to the Chinese market, on opening the Chinese section of the Nizhneleninskoye-Tongjiang railway border crossing, on simplifying the procedure for sending court documents and requests as part of international legal assistance in civil cases, and on boosting exports of potash fertilizer from Russia to China," Reshetnikov said.

Reshetnikov said that the Russian side has asked its Chinese colleagues "to focus on the speedy mitigation and then the removal of the anti-epidemiological requirements imposed by the Chinese side at checkpoints."

Progress on implementing investment projects in the areas of mining and processing of minerals, industrial production, construction of infrastructure facilities, and agriculture was discussed during the meeting of the Russian-Chinese subcommittee on trade and economic cooperation. The total amount of projects exceeds $160.8 billion.

"In terms of the issues regarding the digital economy, we have agreed to exchange views on the most promising areas, including developing a common international position in the area of regulating e-commerce, leveling the conditions for the access of digital platforms to joint markets, counteracting misinformation (fake) on the internet, as well as promoting the sustainable operation of the global internet," the Economic Development Ministry said in the statement.