Russia-China Trade Turnover May Reach Record $170Bln by Year End

MOSCOW (Sputnik) - The trade turnover between Russia and China may reach a new historic maximum of $170 billion by the end of 2022, Russian Economic Development Minister Maxim Reshetnikov said on Thursday. "We see that the value of mutual trade last year and in the first months of this year already exceeds the targets. At the end of the year, there is every chance of reaching a new milestone of $165-170 billion. And this, among other things, is the result of the work of our subcommittee [Russian-Chinese subcommittee on trade and economic cooperation]," Reshetnikov said in a statement released by the ministry. The minister recalled that mutual trade turnover between Russia and China previously set a historic record in 2021, exceeding $140 billion, and grew by 16% in the first half of this year in annual terms. During the latest meeting of the Russian-Chinese trade subcommittee, the parties discussed topical issues of bilateral cooperation, including the removal of COVID-19 restrictions, and the resumption of the work of checkpoints on the Russian-Chinese border, the ministry said. According to Reshetnikov, it is important to continue to ensure the uninterrupted supply of goods, and contribute jointly with China to the unhindered movement of freight transport through border checkpoints. The parties also considered the issues of eliminating barriers in trade, economy and investment, and exchanged views on the implementation of promising investment projects in mining and processing of minerals, industrial production, construction of infrastructure facilities, and agriculture. Last month, Russian President Vladimir Putin said that trade between Russia and China would be record-breaking in 2022, and would hopefully grow further. Read more: https://sputniknews.com/20220728/russia-china-trade-turnover-may-reach-record-170bln-by-year-end-1097898395.html