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Putin highlights growing Russia-China trade amid global challenges

Putin highlights growing Russia-China trade amid global challenges

GrafaGrafa2024/10/02 22:55
By:Mahathir Bayena

Russian President Vladimir Putin praised the strong partnership between Russia and China during a message marking the 75th anniversary of the People’s Republic of China.

Despite global challenges, Putin emphasised the resilience of their economic ties, noting a significant increase in trade volumes and successful implementation of large bilateral projects.

"Despite the challenging international situation, we have managed lately to achieve qualitative growth in trade volumes," Putin stated, according to Tass.

He highlighted that trade between the two nations has continued to rise, with major projects advancing despite international pressures.

Putin also stressed the importance of cooperation between Russia and China within multilateral organisations, such as the United Nations, BRICS, and the Shanghai Cooperation Organization (SCO).

The collaboration within these bodies reflects the strategic alignment between the two countries as they work together to influence global affairs.

In July, Putin had noted the growth of economic partnerships within the SCO, revealing that trade between Russia and SCO nations surged by 37% in 2022, reaching $263 billion.

From January to April 2023, this trade saw another 35% increase, signaling continued economic integration.

"We are making wider use of national currencies for mutual settlements. In particular, over 80% of commercial transactions between Russia and China are made in rubles and yuan," Putin added, emphasising the shift toward using national currencies to strengthen their economic relationship and reduce reliance on international currencies like the U.S. dollar.

The Russia-China partnership remains a cornerstone of both nations' foreign policies, with shared goals in multilateral organisations and a commitment to boosting bilateral economic growth.

As global tensions persist, the two countries continue to deepen their collaboration across various sectors, reinforcing their ties on the global stage.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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