19:55 GMT +312 December 2019
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    Maxim Oreshkin

    Russia-China Trade Turnover May Reach $80Bln by End of 2017 - Minister

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    Russian Economic Development Minister Maxim Oreshkin said that the bilateral trade turnover between Russia and China grew by 37 percent in January-May 2017, and by the end of the year a figure of $80 billion can be achieved.

    SHANGHAI (Sputnik) — Bilateral trade turnover between Russia and China might reach $80 billion by the end of 2017, Russian Economic Development Minister Maxim Oreshkin said Wednesday, adding that the trade turnover has increased by 37 percent in the first five months of this year alone.

    "The recovery of the Russian economy, steady growth of the Chinese economy, and gradual removal of trade barriers boost the expansion of trade between our countries, and the statistics for the first five months [January-May 2017] is positive, the bilateral trade turnover grew by 37 percent, and by the end of the year a figure of $80 billion can be achieved," Oreshkin said during the 20th meeting of the Russian-Chinese Sub-Commission for Trade and Economic Cooperation.

    In 2014, Russian President Vladimir Putin said that Russia and China expected bilateral trade to reach $200 billion by 2020. On Tuesday, Oreshkin confirmed that this goal could be achieved provided that conditions for economic growth in both countries were maintained and the terms of bilateral trade facilitated.

    China has been Russia's largest trade partner since 2010. In 2016, the trade turnover between Russia and China totaled over $66 billion, according to Russia's Federal Customs Service.

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