Russia, China trade could reach $220Bln: Russia's Chamber of Commerce

By Al Mayadeen English
Source: Agencies
23 Dec 2022 19:54
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Between the months of January and November this year, trade was up by more than a quarter compared to the year before.

The Power of Siberia pipeline, or the Russian section of the China-Russia east-route natural gas pipeline, is unique in that it takes gas exclusively to China and not to several countries.

At a conference co-hosted by the Society of Russian-Chinese Friendship and the Russian-Chinese Business Council, the deputy head of Russia's Chamber of Commerce and Industry, Vladimir Padalka, said on Friday that trade between Russia and China this year is expected to amount to an unprecedented $220 billion soon.

"Our investment projects are totaling about a hundred. They give us hope that trade between Russia and China may reach some $220 billion soon," Padalka said, adding he expressed concern over a rise in illegal trafficking of knockoff goods to the regions on the border with China.

"We will bring this up with the customs and other agencies so that we can prevent trade in counterfeit products and other gray schemes that allow goods to be trafficked either way," he said.

By the end of 2022, the Russian customs agency forecasts that trade between the two countries will increase to $170 billion.

Between the months of January and November this year, trade was up by more than a quarter compared to the year before.

A growing friendship between Chinese President Xi Jinping and Russian President Vladimir Putin has helped put the two countries closer together. The ambitions to end what China and Russia regard as America's economic and geopolitical hegemony further strengthened the diplomatic ties.

This is particularly expressed by the two countries employing their national currencies and gold to carry out trades. Expanding that practice to other world economies is further threatening the American dollar's status as the world's dominant reserve currency.