Belt and Road spurs high-level cooperation

Interestingly, the importance of regional integration through the convergence of the BRI and the EAEU is mentioned in the preamble. Yet, the path toward the free trade agreement remains a long one. According to Ladislav Zemanek, a Czech researcher at the China-CEE Institute, some academics feel a common Eurasian economic area could be established by 2030.

For Russia, the Chinese initiative came at the right time, Zemanek said, adding Beijing followed a go-global strategy, whereas Moscow endeavored to reintegrate the post-Soviet area, which led it to the EAEU, which was established in January 2015.

"The sharp deterioration in European-Russian relations was accompanied by anti-Russian sanctions and a fall in oil and gas prices that led to the Russian economic recession of 2015 and 2016. All these factors forced Kremlin to change its course," he said.

Therefore, there is a greater opportunity than ever before to deepen ties between Russia and China and develop the BRI. In the last 30 years, Sino-Russian relations have gradually improved before reaching a peak.

China is also Russia's main trade partner, while meetings and talks are held regularly at different forums — the SCO, BRICS and the RIC(Russia-India-China) — as well as during exclusive presidential visits.

"Over the past 10 years, the China-Russia relationship has entered a new era, with bilateral cooperation achieving new results, and strategic coordination reaching new levels," said Chinese Ambassador to Russia Zhang Hanhui.

Noting that this year marks the 10th anniversary of the proposals for a community with a shared future for mankind and the BRI, Zhang said Russia has become China's important partner in Belt and Road cooperation, and the two countries have joined hands in building a community with a shared future for mankind, while the internal momentum and special value of bilateral cooperation have become more evident.