Home » China-Russia Economic Pact Extension Boosts Bilateral Trade Prospects

China-Russia Economic Pact Extension Boosts Bilateral Trade Prospects

by admin477351

On Wednesday, Chinese President Xi Jinping and Russian President Vladimir Putin agreed to extend the China-Russia Treaty of Good-Neighborliness and Friendly Cooperation, aiming to bolster political trust and strategic coordination between their nations. The decision came during discussions at Beijing’s Great Hall of the People, marking the conclusion of Putin’s two-day state visit to China. Following their meeting, the leaders signed a joint statement to enhance strategic coordination and deepen good-neighborly relations, while also overseeing the signing of 20 cooperation documents covering areas such as economy, trade, education, and science and technology.

As part of their commitment to advocating a multipolar world and new international relations, both countries issued a joint statement. President Xi highlighted that Putin’s 25th visit to China since assuming office in 2000 underscored the uniqueness of China-Russia relations. This year marks the 30th anniversary of their strategic partnership and the 25th anniversary of the treaty, which was last extended in June 2021. Xi emphasized their adherence to the treaty’s principles of non-alliance and non-confrontation, noting their contributions to international fairness and a new type of major-country relations.

Trade between China and Russia has flourished, with bilateral trade surpassing $200 billion for three consecutive years. Xi urged further alignment between China’s 15th Five-Year Plan and Russia’s development strategy through 2030 to enhance mutually beneficial cooperation. Addressing global governance, Xi criticized unilateralism and hegemonism, stressing the need for China and Russia, both UN Security Council members, to uphold international law and oppose revisionist historical narratives. He called for a just global governance system, with both nations working to counter fascism and militarism.

President Putin, receiving a warm welcome in Beijing, described Xi as a “dear friend” and noted the unprecedented level of Russia-China relations. He expressed confidence in the future of their partnership, emphasizing its independence from the international climate and potential as a model for inter-nation relations. Putin highlighted their commitment to upholding international law and collaborating within frameworks like the Shanghai Cooperation Organization and BRICS to tackle global challenges.

During their talks, Xi and Putin discussed significant international and regional issues, including Middle East conflicts, advocating for immediate cessation of hostilities and continued negotiations. Xi stressed the importance of stability in the region for maintaining global energy supplies and trade order. To further strengthen bilateral ties, China announced the extension of its visa-free policy for Russian citizens until the end of 2027, with Russia reciprocating for Chinese citizens. The visit concluded with a banquet in Putin’s honor at the Golden Hall of the Great Hall of the People.

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