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29 May, 2018 12:12

Russia seeks to more than double trade with China by 2020

Russia seeks to more than double trade with China by 2020

Moscow is interested in boosting trade ties with Beijing by more than 100 percent in the short-term.

"China, as you well know, has firmly established itself as the leading trade and economic partner of Russia, and I believe that bringing bilateral trade to $200 billion by 2020 is quite feasible,” Russian Deputy Foreign Minister Igor Morgulov said on Tuesday speaking at the Russia-China conference in Beijing.

Russia-China trade is worth $86 billion at the moment and is on the verge of reaching $100 billion, said Russian President Vladimir Putin at the St. Petersburg International Economic Forum (SPIEF) last Friday.

To boost trade, countries have been extending the use of national currencies in trade and established a Russian-Chinese investment fund worth 68 billion yuan (over $10 billion). China is Russia's largest trading partner.

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