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Priorities of Far East trade and economic cooperation determined in China

China’s Ministry of Commerce has announced that Russia and China have determined the priority fields of trade and economic cooperation in the Russian Far East. This information was published on the website of the Chinese government body.
The list of priorities includes gas and petrochemical industries, exploration of natural resources, transportation and logistics, agriculture and forestry, aquaculture and tourism.
The Ministry of Commerce reminded of the approved plan of developing Russian-Chinese trade, economic and investment cooperation in the Russian Far East for the period till 2025. This document was jointly prepared by China’s Ministry of Commerce, Russia’s Ministry for the Development of the Far East and China Development Bank. The plan envisages annual growth of trade turnover, the increase of projects with Chinese involvement in the territories of rapid economic development and the Free Port of Vladivostok, launching new industrial projects in different fields, including agriculture and aquaculture. The Memorandum on Understanding for this document was signed by Alexander Kozlov, Russia’s Minister for the Development of the Far East, and Chzun Shan, the Minister of Commerce of the People’s Republic of China.  
China’s Ministry of Commerce intends to sustain close contacts with other government agencies, financial institutions and industry associations as well as national enterprises to implement the program, the Ministry pointed out.

As was clarified at Russia’s Ministry for the Development of the Far East, China is the main Russian foreign trade partner in the Far East. The PRC ranks first in terms of trade turnover and investment cooperation with the regions of the Russian Far East and is a key foreign partner of the Russian Federation in the field of advancing the economic development in the Russian Far East. The volume of Chinese investment stand at 7% of the total.
It should be reminded that the issues of cooperation between the Russian Federation and China were discussed during the 23rd regular meeting between the prime-ministers of both countries. The meeting resulted in signing a series of documents, including the plan for agricultural development in the Russian Far East and the Baikal Region and the protocols on mutual supplies of frozen poultry and dairy products.

By Evgenia Vassilieva


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