Russia and China Celebrate Record $227 Billion Trade Volume

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n a congratulatory phone call, Presidents Vladimir Putin of Russia and Xi Jinping of China celebrated the achievement of a historic trade volume, reaching an impressive $227.7 billion in 2023. Surpassing the target set by the two leaders a year ahead of schedule, the record-breaking economic cooperation signals the depth and resilience of the partnership between the two nations.

The Kremlin issued a statement summarizing the call, emphasizing the leaders’ satisfaction with the results of their strategic cooperation. Both Putin and Xi expressed mutual interest in further enhancing cooperation across various domains, particularly as 2024 marks the 75th anniversary of the establishment of diplomatic ties between Russia and China.

The statement highlighted the commitment of both countries to increase foreign policy coordination within multilateral structures such as the United Nations (UN), BRICS (Brazil, Russia, India, China, and South Africa), and the Shanghai Cooperation Organization. This indicates a joint effort to play a more active role in shaping international affairs and addressing global challenges.

A call for diplomatic solution to the issue of Palestine

The leaders exchanged views on various global issues, including the Middle East, where they advocated for a political and diplomatic resolution to the long-standing Palestinian problem within the framework of recognized international legal norms. Additionally, they addressed tensions surrounding Taiwan and the situation in Ukraine, emphasizing the need for peaceful solutions.

Both Putin and Xi underscored the stabilizing role of close Russia-China interaction in world affairs. This sentiment reflects their shared commitment to contributing positively to global stability, signaling a collaborative approach to addressing pressing international challenges.

During the call, President Xi Jinping explicitly voiced opposition to external interference in internal affairs, a stance consistent with the two nations’ long-standing commitment to safeguarding their national sovereignty and autonomy. This declaration comes at a critical juncture, with geopolitical tensions and competition intensifying on the global stage.

The importance of maintaining stability in chains

In a show of economic solidarity, the leaders discussed the importance of maintaining stability in industrial and supply chains. President Xi emphasized the need for both nations to cultivate new momentum for bilateral cooperation and enhance people-to-people bonds through cultural exchanges.

President Xi expressed support for Kazakhstan in hosting this year’s Shanghai Cooperation Organization summit, emphasizing the importance of unity and mutual trust to safeguard regional security and stability. Additionally, he backed Russia’s assumption of the rotating presidency of BRICS in 2024.

Amidst the positive developments in the Russo-Chinese relationship, concerns about the impact of Western sanctions on financial institutions were underscored. The phone call took place shortly after the Chinese Chouzhou Commercial Bank announced its decision to end operations in Russia and Belarus due to payment issues associated with the sanctions. This development underscores the economic challenges faced by financial institutions operating in the region amidst geopolitical tensions.

As Russia and China celebrate their economic achievements, the geopolitical landscape continues to evolve, with their partnership playing a crucial role in shaping regional and global dynamics. The record trade volume not only reflects economic strength but also highlights the significance of the Russia-China alliance in a world witnessing rapid geopolitical shifts and challenges.

Source: Anadolu Agency