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5 Jun, 2019 09:17

Russia & China to ink dozens of deals during St. Petersburg Economic Forum

Russia & China to ink dozens of deals during St. Petersburg Economic Forum

Moscow and Beijing are set to further strengthen bilateral ties during Chinese President Xi Jinping’s three-day visit to Russia. Xi will meet Russian President Vladimir Putin and participate in the St. Petersburg Economic Forum.

The Chinese leader came for a three-day state visit to Russia on June 5, which comes as the two countries mark 70 years of established diplomatic ties. Xi is set to hold talks with the Russian president in Moscow on Wednesday, after which they will sign a joint statement on the development of bilateral relations and partnership. The two sides are also expected to ink various agreements, including in energy and finance.

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During the meeting, the presidents will discuss bilateral ties and “the strengthening of trade and economic cooperation,” according to Yury Ushakov, the aide to the Russian president on foreign affairs.

Energy, which is “the locomotive” of trade and economic cooperation between Russia and China, according to Ushakov, will be on the agenda at the talks. The sides will also touch upon the problems of industrial cooperation, and discuss joint projects on the construction of wide-body aircraft and a heavy helicopter, as well as other spheres, including space and infrastructure.

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After the meeting in the Kremlin, the two presidents are to depart for St. Petersburg to attend Russia’s annual business forum, where Xi will be one of the main guests. After the economic forum, Putin and Xi will have the chance to talk tete-a-tete during an unofficial dinner.

China is Russia’s biggest trade partner. Last year, trade turnover between Russia and China hit a record US$108 billion, demonstrating growth of around 25 percent. Around 30 investment projects in Russia totaling $22 billion have been implemented or are being developed with the participation of Chinese companies, according to the presidential aide. Companies from the two states are involved in several massive energy projects, including the Yamal LNG facility and the Power of Siberia natural gas pipeline.

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