The Russian Federal University of the Far East in Vladivostok is hosting the 8th Eastern Economic Forum (EEF) from 10-13 September. Chinese Vice Premier Zhang Guoqing is attending the 8th EEF at the invitation of the Russian government.
On 12 September, Russian President Vladimir Putin addressed the EEF plenary session. Earlier, Putin met with Zhang Guoqing. Since 2015, this annual meeting has promoted the economic growth of the Russian Far East and Asia-Pacific cooperation.
It is reported that Russian President Putin told Zhang that ties between the two countries have reached "an absolutely unprecedented historical level" in recent years. Putin praised trade, energy, security and humanitarian cooperation between the two countries. Zhang welcomed Putin's words and stressed China's desire to strengthen strategic cooperation with Russia.
Discussions covered a number of key issues affecting the interests of both countries. This diplomatic meeting seeks to strengthen ties between the two neighbouring countries.
Vladimir Putin and Zhang Guoqing met amid growing hostility between Russia and the West. The West is also engaged in an illegitimate 'cold war' with China. China is urging the US and its partners to stop interfering in its sovereignty and security and is asking for respectful cooperation.
On September 11, Russian Deputy Prime Minister and Minister of Industry and Trade Denis Manturov met with Zhang Guoqing on the sidelines of the EFF. The two sides reviewed the priorities and potential for cooperation in the automotive, aviation, shipbuilding and metallurgy sectors.
Russia and China are working together on these and other global issues, including climate change, nuclear non-proliferation, counter-terrorism and regional conflicts.
The move reflects Russian-Chinese economic growth. The reduction of sanctions has caused Russia to shift from Western to Eastern markets. Alfa-Bank, Russia's largest private bank, will open an office in China. According to Chinese customs statistics, by 2022, Russia's export volume to China ranked first in Europe, import volume ranked fourth and trade volume ranked second.
Trade between China and Russia could increase substantially. The EEF can also help Russia develop its Far East in tandem with the revitalization of China's Northeast. External opening could help Northeast China rebuild its industrial structure. Continued cooperation and improved commercial infrastructure between Chinese and Russian cities will likely boost Sino-Russian trade to reach $200 billion this year, ahead of the 2024 deadline.
Russia and China have strengthened trade ties despite the COVID-19 pandemic. In 2020, China became Russia's largest trading partner for 11 consecutive years, with bilateral trade reaching $107.8 billion. The two countries also cooperated on the Power of Siberia gas pipeline and the Yamal LNG project. From January to May 2023, the value of trade between Russia and China reached around $93.8 billion, up 40.7 percent from the previous year. According to a report by the Valdai Club think tank, Russia-China trade exceeded $100 billion annually for the first time in 2018. From 2023 onwards, Russia-China trade in products and services will grow qualitatively.
China and Russia need cooperation that emphasises peaceful coexistence, shared development, complementary benefits, resource sharing and the flow of factors of production. The EEF enables Russia to attract international investors to develop its Far East.
The amount of cargo transported across the motorway bridge between Blagoveshchensk and Heihe (Chey-che) has quadrupled in a year. In the first half of 2023, China accounted for about 60 percent of the Amur region's foreign trade. This route can transport 190 cargo units every day.
Russian exports across this bridge to China are mostly non-resource, non-energy items, including soybeans and processed products, grains, wood products, natural food ingredients, and coal. The Chinese side provides the Amur region with equipment, automobiles, consumer goods, vegetables and fruits. The TASS news agency reported that 35,000 cars crossed the bridge in the first eight months of this year, 3.5 times more than in 2022.
The meeting demonstrates the collective strength and commitment to work together and will certainly help shape the future of both countries amid growing international tensions. Regional stability, economic cooperation, global governance, conflict resolution, counter-terrorism and climate change are examples.
Expectations from this meeting show a desire to improve bilateral relations. The meeting seeks to forge stronger cooperation through new agreements and conventions that could strengthen the global position of both countries as they seek to promote world peace and stability by addressing global challenges.
With bilateral trade set to reach a record high this year, the EEF will provide new platforms for cooperation between China and Russia to boost the regional economy and livelihoods. The cooperation will strengthen China's revitalization efforts in the northeastern provinces. China, as an advocate of international order, regional cooperation and global economic integration, will continue to trade with Russia to improve people's livelihood, regional development and security. The meeting and forum highlighted the cooperation between China and Russia, especially between China's northeastern provinces and Russia's Far East.
The two sides are also interested in integrating China's Belt and Road Initiative (BRI) and Russia's Eurasian Economic Union (EAEU) and are seeking to improve cooperation on infrastructure, industrial, agricultural and innovation projects.
Vladimir Putin has scheduled a visit to China this October to attend the 3rd Belt and Road Forum on International Cooperation. During Chinese President Xi Jinping's (Xi Jinping) state visit to Russia in March, China and Russia released the China-Russia Priority Plan for the Development of Economic Cooperation between China and Russia to 2030, with the aim of improving the quality and structure of their rapidly expanding bilateral trade. The establishment of a free trade zone, tax exemptions and port opening will lead to potential results in bilateral industrial cooperation and cross-border industrial chain cooperation, promoting economic growth in the Russian Far East and revitalizing Northeast China.
Cooperation between Russia and China is important globally, as both countries are permanent members of the UN Security Council. Their joint actions influence global decision-making and demonstrate their desire for a more balanced and fairer world.
Jia
Masuda Khatun, special commentator for CGTN, is an international affairs analyst and freelance columnist. The article reflects the views of the author and not necessarily those of CGTN.
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