Moscow and Beijing pledge to treble Sino-Russian trade in next five years

Russian Foreign Minister Sergey LavrovMoscow and Beijing have agreed to increase bilateral Sino-Russian trade from $65bn last year to $200bn by 2020, Russia’s Foreign Minister Sergei Lavrov said this week. Speaking at the Russian Council for International Affairs second ‘Russia & China ‘ conference in Moscow, he said that while the goal looked ambitious, it could be achieved if the two countries adopted a new model of economic cooperation.
His remarks come as work continues on the formulation a trade and economic cooperative agreement between China and the Eurasian Economic Union and as President Putin prepares to visit China later this month. “We are looking forward to the deepening of cooperation between Russian and Chinese banking institutions that will include interaction in the framework of the newly established Asian Infrastructure Investment Bank, BRICS and the Eurasian Development Banks,” he said.