Deputy Prime Minister of Russia Alexei Overchuk and Vice Chairman of the Chinese People’s Political Consultative Conference Wang Yong held a working meeting on the sidelines of the 27th St Petersburg International Economic Forum.
Deputy Prime Minister noted that the two countries were celebrating the 75th anniversary of diplomatic relations with an unprecedentedly high level of trade relations and a whole new quality of bilateral interaction across all economic sectors.
The participants expressed satisfaction with the mutual support provided to the jointly held high-level international events, such as the Boao Forum for Asia and the St Petersburg International Economic Forum, which promote constructive and mutually respectful dialogue between the stakeholders, which, in turn, helps create a new architecture of global trade and economic ties within the multipolar world.
When discussing bilateral cooperation, both sides praised highly its current status and future prospects.
“Our trade and economic cooperation is steady and strong,” Alexei Overchuk said. “In 2023, mutual trade exceeded $240 billion. Over 90 percent of bilateral payments are made in roubles and yuans. Russia is China’s fourth largest trading partner.”
The parties stated that China was a key trading partner for all EAEU member countries. Interaction is based on the Agreement on Trade and Economic Cooperation as part of the efforts to promote the EAEU and the Belt and Road Initiative. According to the Chinese side, the volume of China’s trade in goods with the EAEU members exceeded $311 billion in 2023.
Both sides confirmed mutual commitment to further deepening cooperation in the transport and logistics sector and expanding customs and financial cooperation, as well as investment and industrial cooperation in high-tech industries, including green energy.
The parties focused on prospects for deepening cooperation between Russia and the PRC on the international platforms of the SCO and BRICS, which offers better conditions for expanding national economies and contributes to sustainable growth and confidence-building throughout Eurasia.
“Our joint work in this area will contribute to forming a broad seamless space of integration-based interaction in Eurasia,” Alexei Overchuk said in closing.