14th Session of Economic and Trade Sub-committee under Sino-Russia Prime Ministers’ regular meeting committee was held in Suzhou on August 26. Minister of Commerce of PRC Mr. Chen Deming and Russian Minister of Economic Development Elvira Nabiullina co-chaired the meeting. Representatives from government , local authorities and business of the two countries attended the meeting.

The two parties reviewed the development of bilateral economic and trade relations as well as works of the economic and trade sub-committee since 2010, and reached consensus on that Sino-Russia economic and trade relation had basically surmounted the impact of global financial crisis and were in a track of rapid growth and overall development. What’s more, the overall quality and level were increased significantly. From now on, both sides will work continually on the restructuring of bilateral economic and trade cooperation and the transformation of growth pattern, and will also ensure to reach the goal of US$ 100 billion by 2015 in bilateral trade and US$ 200 billion by 2020.

The two parties also agreed to expand mutual investment, enrich cooperative style and actively promote cooperation in special economic zone and in other fields, coordinate two countries’ regional developmental strategy, strengthen constructions of port and way of passage, and be more open up for cooperation in border areas of two countries. Both sides will put an emphasis on creating a better cooperative environment, namely, to further open markets, to perfect account settlement, financing and many other services, and continually improve the level of trade and investment facilitation. Both sides will continue to reinforce coordination and cooperation within the multilateral framework, such as G20, APEC, BRIC and Shanghai Cooperation Organization and so on.

In addition, the two sides also made an in-depth and sincere exchange of views on further regulating bilateral trade, proper handling of trade frictions, wood processing project in Russia as well as promoting cooperation on inspection and quarantine of agricultural products.