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Trade turnover between Russia’s Far East and China tops $10 billion 

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Trade turnover between Russia’s Far East and China tops $10 billion 

The volume of trade between China and Russia’s Far East in 2020 grew 3.3% against the previous year, and totaled $10.8 billion, according to Russian Minister for the Development of the Far East and Arctic Aleksey Chekunov.

“China is Russia’s key economic partner in the Far East,” the minister said on the sidelines of the Eastern Economic Forum (EEF) that kicked off in Russia’s Vladivostok on Thursday.

“The strength of this partnership has been tested by the pandemic, which has had a serious negative impact on foreign trade,” Chekunov added.

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The trade turnover between Russia’s Far East and China is expected to reach $20 billion by 2024, he said.

According to the minister, developing and boosting foreign trade and business activity between the regions is an important area of ​​focus for the Russian-Chinese Commission on Cooperation and Development of the Far East and the Baikal Region of the Russian Federation and northeast China.

The three-day economic forum, taking place on September 2-4, is expected to welcome its high-level guests both in person and online.

For more stories on economy & finance visit RT's business section

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