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Report: Russia expects trade with China to reach US$200b by 2024 | Money

A cashier takes a 500-rouble banknote as she serves a customer in Krasnoyarsk. The Russian rouble climbed five per cent yesterday (February 3, 2015). — Reuters pic
A cashier takes a 500-rouble banknote as she serves a buyer in Krasnoyarsk. The Russian rouble climbed 5 per cent yesterday (February 3, 2015). — Reuters pic

MOSCOW, April 30 — Russia stated at the moment it anticipated commodity flows with China to develop and commerce with Beijing to achieve US$200 billion (RM870 billion) by 2024, as Moscow faces mounting isolation from the West.

China has refused to sentence Russia’s actions in Ukraine and has criticized the unprecedented Western sanctions on Moscow. The two international locations have bolstered ties lately, together with asserting a “no limits” partnership in February.

“We are focused on achieving the goal set by the heads of state to bring bilateral trade turnover to US$200 billion by 2024,” Georgiy Zinoviev, head of the Russian international ministry’s first Asia division, advised the Interfax information company.

“Moreover, we suggest that reaching this ambitious figure earlier than planned is quite possible.”

With Russian commerce buffeted by sanctions, Zinoviev stated time was wanted to adapt. He stated China’s battle with Covid-19 in latest weeks was additionally an element that might complicate efforts.

“Chinese business remains interested in expanding its presence in Russia, for whom additional opportunities are opening up given the departure of some Western companies,” Zinoviev stated.

He acknowledged the chance of secondary motion that Chinese corporations might face if they assist Russia circumvent sanctions, however stated {that a} important improve in cooperation was probably nonetheless.

“It is clear that in the current situation many Chinese economic operators have to exercise caution, given the likelihood of secondary sanctions,” stated Zinoviev.

“I am convinced our partners and us will be able to use the current situation to our common interests and fully unlock the potential for a significant increase in cooperation in all areas.” — Reuters

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