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  • RUSSIA AND CHINA DISCUSS CLOSER ECONOMIC TIES

    05 August 2016

    Russian Economic Development Minister Alexei Ulyukayev meets with Chinese Minister of Commerce Gao Hucheng.

    Russia and China have considerable potential for boosting their trade, economic and investment cooperation, which has to be realised in a period of structural changes in the global economy, the press service of the Ministry of Economic Development of the Russain Federation reports. The parties hope to expand cooperation in nuclear energy, civil aviation and ship building, high-speed rail services, telecommunications, satellite navigation, and electronic commerce.

    “We have discussed trade and economic agreements between Russia and China, potentially to be joined by members of the Eurasian Economic Union, the Shanghai Cooperation Organisation, the Association of South East Asian Nations, and other interested integration unions or countries. At the first stage, the agreements will focus on issues within national competence such as services, investment, transit, workforce and informational cooperation between regulators. Yet it is important to attract our partners within the Union to these processes in order to coordinate and supplement work on the agreement on trade and economic cooperation”, Alexey Ulyukayev stressed.

    “One of our key targets is to overcome the decline in trade between our countries: in 2015, Russian-Chinese sales dropped by a third. The situation has now improved. “There are positive changes in the structure of bilateral trade. The percentage of machines and technical products in Russian exports is increasing gradually and supplies of hi-tech innovative goods are on the rise. Trade in agricultural and food products is improvimg greatly”, the Russian Minister of Economic Development reported.

    Ulyukayev also spoke about the impending negotiations between the Eurasian Economic Union and China and the strategically important Eastern Economic Forum. All the agreements reached will be supported by major investment projects.