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1 Jun, 2021 10:23

Russia-China trade turnover saw 13-fold growth over past 20 years – Lavrov

Russia-China trade turnover saw 13-fold growth over past 20 years – Lavrov

The volume of trade between Russia and China amounted to $104 billion at the end of last year and continues to grow, according to Russian Foreign Minister Sergey Lavrov.

“The treaty [signed by Russia and China in 2001 – Ed.] plays a significant role in accelerating trade and economic cooperation. We have something to show to the public. Over the past 20 years, mutual trade has increased 13 times – from $8 billion to $104 billion by the end of 2020,” Lavrov said on Tuesday in a video message to the participants of the 6th International Conference ‘Russia and China: Cooperation in a New Era’.

The foreign minister added that investment cooperation between the two nation continues on 70 projects worth over $120 billion.

Also on rt.com Russia triples gas supplies to China via Power of Siberia pipeline

Despite the economic disruptions caused by the coronavirus pandemic, trade between Russia and China still exceeded the targeted $100 billion last year, but was down almost 3% compared to 2019. The two countries want to double the volume of trade to $200 billion. The target level could still be reached by 2024, the head of the Russian Export Center, Veronika Nikishina, earlier told TASS.

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