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Russian Government Plans to Boost Bilateral Trade With China to $200Bln By 2024

© AFP 2023 / HOW HWEE YOUNGThe Russian and Chinese national flags are seen on the table as Russia's President Vladimir Putin (back L) and his China's President Xi Jinping (back R) stand during a signing ceremony at the Diaoyutai State Guesthouse in Beijing on November 9, 2014.
The Russian and Chinese national flags are seen on the table as Russia's President Vladimir Putin (back L) and his China's President Xi Jinping (back R) stand during a signing ceremony at the Diaoyutai State Guesthouse in Beijing on November 9, 2014. - Sputnik International
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MOSCOW (Sputnik) – The Russian government said on Thursday it planned to increase the volume of bilateral trade with China to $200 billion by 2024, while the volume of Russian-Indian trade is expected to reach $30 billion over the same period.

"The volume of bilateral trade between Russia and China [is planned] to grow to $200 billion… The volume of bilateral trade between Russia and India [is planned] to rise to $30 billion," the government said in a statement on the main areas of its activities through 2024.

The document added that the Chinese investment in the Russian economy was expected to be increased to $15 billion.

Chinese workers stand on a pier before a cargo ship at a port in Qingdao, east China's Shandong province on April 13, 2017 - Sputnik International
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Document Lays Out China's Trade Stance
According to the statement, the volume of trade between Russia and the Middle Eastern and Northern African countries is expected to reach $50 billion, while the volume of Russia’s trade with Sub-Saharan African states is expected to grow to $7 billion.

The volume of trade between Russia and Latin American countries is planned to be boosted to $20 billion.

According to the official figures, Russian-Chinese trade grew by 20.8 percent to $84 billion in 2017. The Chinese Commerce Ministry said in May that bilateral trade with Russia might surpass $100 billion in 2018 and reach $200 billion in 2020.

Russian-Indian trade amounted to $9.4 showing a 21.4 percent year-on-year increase in 2017.

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