China-Russia trade volume to hit $100b in 2014

HARBIN - The trade volume between China and Russia is expected to hit $100 billion in 2014, a year ahead of the target set by leaders from the two countries, a Russian trade representative forecast Friday.

"The goal of reaching $100 billion in bilateral trade volume by 2015 is completely within reach and is expected to be realized in 2014 despite the downturn in the first quarter," said Sergey Tsyplakov, trade representative of the Russian Federation in China.

The trade volume between the two countries dropped by 3.9 percent to $20.675 billion in the first quarter, according to customs data.

"The decrease was due to the price decline of international commodities," Tsyplakov said at the 24th China Harbin International Economic and Trade Fair, which opened on Friday night.

China's imports from Russia mainly include oil and raw materials, the price of which has fallen remarkably in past months.

In addition to energy cooperation, the two countries can strengthen cooperation on technology, agriculture and tourism, said Lu Nanquan, deputy director of the Russian Research Center under the Chinese Academy of Social Sciences.

Aerospace, nanotechnology, high-end manufacturing, energy conservation and environmental protection, biochemistry and information technology are key areas in which China and Russia can compliment each other, said Lu.

China is currently Russia's largest trading partner, with the trade volume between the two countries reaching $88.16 billion in 2012.