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Russia and China are developing measures to strengthen trade and economic cooperation

18.12.15

On December 17, 2015 the First Deputy Minister of Economic Development of the Russian Federation Alexey Likhachev, during his visit to Beijing in the Russian delegation led by the Chairman of the Government of the Russian Federation Dmitry Medvedev, has signed a Memorandum of Understanding between the Ministry of Economic Development of the Russian Federation and the Ministry of Commerce of People's Republic of China on promoting bilateral trade.

On the Chinese side, the document was signed by the Commerce Minister of China Gao Hucheng.

The Memorandum of Understanding was signed to allow for expansion of the scope of Russian-Chinese mutual trade and enhancement of trade and economic cooperation, as well as improvement of the mechanism of development of cooperation in the framework of the Russian-Chinese Commission for preparing regular meetings of heads of government. The parties recognize the need to develop effective measures to further improve the structure of bilateral trade, diversification and progressive increase in the share of high-tech and innovative products to reduce vulnerability of turnover to the negative influence of external economic factors.

In addition, in accordance with the document, the parties recognize that it is necessary to take additional measures to raise awareness of business circles of the two countries about existing opportunities for mutually beneficial cooperation in trade sphere, and also welcome the initiative to open in China a Russian trading house under the auspices of the Russian Export Center JSC, and intend to fully support its activities.

The Memorandum emphasizes the importance of exhibition and fair activities, stating an intention to encourage the active participation of companies from both countries in leading trade fairs, exhibitions and international conferences held in Russia and China. It also recognizes the need to develop a positive experience of joint Russian-Chinese EXPO and the intention to encourage more active participation in the EXPO of small and medium enterprises.

The parties highly assess the potential for cooperation in the field of technology transfer and plan to support the development of technological cooperation in the field of biotechnology, information technology and software, aerospace technology and satellite navigation, and cooperation in the field of "green technologies".

The Memorandum outlines the intentions of the countries on the simplification of customs administration procedures and mutual recognition of customs control results, the implementation of the Green Corridor project and the harmonization of national standards, norms and rules of technical regulation in order to create favorable conditions to boost bilateral trade.

In addition, the document refers to the interregional and cross-border cooperation, deepening interbank cooperation, the development of cross-border e-commerce, promoting the development of mutual trade in agricultural products, expansion of localization of production in the framework of the import substitution program and other issues, implemented by the Government of the Russian Federation.

The Memorandum applies from the date of its signing.

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