China, Russia to restructure trade to tackle slumps

A Russian man takes photo of his wife with two statues in Heihe, a border city in Northeast China's Heilongjiang province, Oct 25, 2015. [Photo/IC]

BEIJING - China and Russia will adjust their trade structure and deepen economic cooperation to revive bilateral trade after sharp declines amid the gloomy global climate.

The two sides have agreed to jointly take action to promote steady development of economic and trade relations by expanding bilateral trade, expanding market access, deepening local cooperation and reinforcing multilateral and regional coordination, according to a ministerial meeting held on Tuesday.

Chilled by feeble global economic recovery and commodity price volatility, companies from the two countries have been confronted with difficulties since earlier this year. Bilateral trade volume tumbled nearly 30 percent year on year to $55.91 billion in the first ten months, customs data showed.

At the meeting, China's Commerce Minister Gao Hucheng said the slumps prompt the two sides to accelerate trade restructuring and cooperation transformation.

The two countries can focus on cooperation in high technologies, clean energy, modern agriculture, equipment manufacturing and the development of the Far East, and step up efforts to implement strategic projects, Gao said.

Russian Economic Development Minister Alexei Ulyukaev said Russia will work with China to improve trade structure, boost exports of electromechanical products, high-tech merchandise and farm produce and encourage mutual investment and economic and technological cooperation.

Mainly affected by external headwind, the trade slumps should be temporary, Ulyukaev added.

Both major economies, China and Russia have seen closer ties and booming trade and investment after rapid growth of cooperation over more than 20 years. Leaders of the two countries have held multiple talks to further economic cooperation since the start of 2015.

Gao said the two sides will push forward cooperation between the Silk Road Economic Belt and the Eurasian Economic Union and strengthen coordination in multilateral organizations.

Chinese Premier Li Keqiang and Russian Prime Minister Dmitry Medvedev are scheduled to meet in December to discuss economic and trade cooperation.