Putin says Russia predicts ‘new record’ in bilateral trade turnover with China

Russian President Vladimir Putin on Wednesday said that his country predicts a "new record" in bilateral trade turnover with Beijing amid talks with Chinese Vice Premier Ding Xuexiang in the Pacific port city of Vladivostok in Russia's Far East.

"Over the past three years, trade turnover has steadily exceeded $200 billion, and by 2025, it will reach nearly $240 billion, creating a solid foundation for bilateral cooperation. We predict a new record for this year," Putin was quoted as saying during the meeting held on the sidelines of the 11th Eastern Economic Forum.

Expressing that the high number of contacts between Moscow and Beijing confirms the "unprecedented nature" of their bilateral ties, Putin said these ties are developing dynamically in all areas "based on the principles of equality, mutual support on key issues, mutual understanding, and consideration of each other's interests."

Putin said that mutual investment between their countries is growing, while cooperation, particularly in energy, is deepening.

"Russia is the leading supplier of traditional Russian goods to the Chinese market. Furthermore, Moscow is Beijing's key partner in the peaceful use of nuclear energy," Putin further said.

He went on to express confidence that their joint search for optimal paths for the further development of economic cooperation will be productive and will serve to strengthen Russian-Chinese ties.

For his part, Ding stated that their countries' comprehensive partnership and strategic cooperation is steadily deepening under Putin and Chinese President Xi Jinping's leadership.

He confirmed readiness to work with his Russian colleagues to implement agreements reached at the level of heads of state and take effective measures to deepen the integration of their countries' interests, among other issues.

"The Eastern Economic Forum is an important platform for cementing a common understanding of cooperation among Asia-Pacific countries," Ding further said, highlighting that China stands ready to continue supporting and participating in cooperation on the development of the Far East.

The Chinese vice premier and Russian president are expected to attend the plenary session of the Eastern Economic Forum, in which the latter will give a speech.