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Bilateral trade between China and Russia

January 16, 2019 00:00:00


A recent economic data released by the Chinese ministry of commerce has revealed that the volume of mutual trade between Russia and China has touched $100 billion for the first time ever. This happened around mid-December 2018. At present Russia is ranked as China's 10th largest global trading partner. China is a major importer of Russian products accounting for 15 per cent of the country's international trade as of 2017 and Beijing is now ready to expend efforts to strengthen business ties with Russia.

It needs to be noted that the two countries have been enjoying better economic growth over the past decade. They are taking some steps which are different from the rest of the world.

From January till November 2018, trading between China and Russia had increased by 27.80 per cent, compared to the same period in the previous year, reaching $97.23 billion. Export of Chinese goods to Russia increased by 12 per cent reaching $ 43.45 billion. Russia's sales to China surged 44.3 per cent to $53.78 billion.

The $ 100 billion figure of mutual trade between Russia and China is expected to double in the years ahead. Both countries are working hard to promote settlements in rouble and yuan in an attempt to bypass the US dollar and other Western currencies.

It seems that due to the number of tariff and sanctions placed by the Trump administration on Russia and China, the two countries are working on contingency plans. In the near future, the prosperity of the two countries will most likely not require the involvement of the USA.

This is a great step by both countries.

I believe South Asian countries, like Bangladesh, and other Asian countries have a lot to learn from this situation.

Additionally, for quite some time in the past, Asian countries looked to the West while considering revenue through international trade. They liked to trade with Western countries especially, USA, Canada, and countries in Europe, as consumers here had more purchasing power.

As China and Russia are becoming economic giants, Bangladesh and other Asian countries can increase their trade with these countries now.

Sherazur Rahman,

Dhaka

[email protected]


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