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27th October 2021
China is pleased to note that, during the period of Trade Policy Review, the Russian Federation has maintained the course of economic diversification and increasing investment attractiveness of the domestic market, improving legislative regulation, supporting and developing the multilateral trading system, countering trade protectionism, as well as effectively participating in regional integration processes.
Despite the crisis Covid-19 pandemic, the resilience of Russian economy is applaudable. According to IMF analysts, GDP growth in 2021 and 2022 will increase by 4.4% and 3.1% respectively, thanks to the implementation of a balanced social and economic policy of the Russian Federation.
China commends Russia’s strong support to the multilateral trading system and clear rejection of protectionism. We applaud Russia’s contribution to the discussion on WTO reform and share the same view with Russia that the fully-functioning of a two-tier dispute settlement system through the restore of the Appellate Body is an issue of top priority. We also highly appreciate Russia’s positive proposals to promote the outcomes of MC12, especially for negotiations on fisheries subsidies.
China applauds Russia’s active participation and constructive role in the negotiations on Investment Facilitation for Development, and look forward to extensive and constructive cooperation with Russia under the framework of JSIs such as e-commerce, MSMEs, gender, as well as the Informal Dialogue on Plastics. China especially appreciates the fruitful work of the Russian Mission to WTO led by H.E. Ambassador Dmitry LYAKISHEV and looks forward to our continued close cooperation in Geneva.
In addition to the WTO, Russia’s voices of sticking to the rules-based multilateral trading system, fighting against protectionism, including in the form of unilateral trade restrictions are also loud and clear. China remains committed to working closely with Russia in safeguarding multilateral trading system on various fora, such as Shanghai Cooperation Organization, BRICS, G20 and APEC.
China has been Russia’s largest trading partner for 11 consecutive years. Russia is one of the top 10 trading partners of China. Despite the global economic downturn, the bilateral trade volume between China and Russia continues to grow. In the first nine months of 2021, bilateral trade volume reached 102.5 billion USD, up 29.8% year-on-year. Based on that positive trend, our bilateral trade volume is expected to reach a new record this year. Besides, China high-tech investment in Russia has increased significantly, reflecting an upgraded structure of bilateral economic and trade cooperation.
Under the strategic leadership of China and Russia, the Belt and Road Initiative and the Eurasian Economic Union (EAEU) well echoes each other and accomplishes in trade, investment and regional cooperation. Particularly, the national level E-commerce cooperation mechanism since 2018 has brought benefits to both sides and also boost the economic growth in the Belt and Road countries.
China and Russia are both emerging economies with great development potential. We look forward to observing further progress in Russia’s trade and investment regimes, with the common wish to create a more liberalized business environment for the welfare of our people and for a more prosperous bilateral economic and trade relationship. As H.E. Ambassador Dmitry LYAKISHEV mentioned last week, this year marks the 20th anniversary of the signing of the China-Russia Treaty of Good-Neighborliness and Friendly Cooperation, which sets out an ambitious agenda of bilateral political, investment, scientific, technical, humanitarian, trade and economic cooperation. It’s worth noting that, this treaty was extended for another 5 years from June 2021, which we believe would further strengthen the China-Russia comprehensive strategic partnership of coordination for a new era.
For the purpose of this review, China submitted the questions to Russia, we appreciate the written response from Russia and we will review them carefully.
Finally, I wish the Russian delegation every success in this TPR.
