(MENAFN) Igor Sechin, CEO of Rosneft, made a significant announcement at the Russian-Chinese energy business forum in Beijing. He revealed that Moscow is on a trajectory to become Beijing's most substantial foreign trade partner, following the United States. While China has held the position of Russia's largest trade partner for over a decade, this year has witnessed a noteworthy transformation in rankings. Sechin underscored that a surge in bilateral trade in recent times indicates Moscow's ascent to becoming China's second-largest trading partner, potentially surpassing countries like Japan and South Korea, which have seen a decline in their trade volumes with China.
The trade turnover between Russia and China has surged by nearly 30 percent in the first nine months of this year, reaching approximately USD176 billion. Sechin expressed optimism that, given the current momentum, trade turnover between the two nations is likely to exceed the targeted threshold of USD200 billion by the year's end. Over the past five years, the total turnover has grown to an impressive USD660 billion, with the energy sector comprising more than 75 percent of Russian exports to China.
Sechin's remarks emphasized that both China and Russia are undergoing a significant "structural reorganization of the economy" in response to heightened external pressure. This pressure primarily emanates from Western sanctions, which have predominantly targeted Russia, while also affecting some Chinese companies, particularly in the technology sector. These economic adjustments represent a shared response to the evolving global economic landscape and the challenges posed by international sanctions.
The growing economic ties between Russia and China not only strengthen their bilateral relationship but also signify a recalibration of trade dynamics in the region and the world, reflecting shifting trade partnerships and regional influence.
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