Xi and Putin vow to ‘significantly increase’ trade

  • Chinese President Xi Jinping and Russian President Vladimir Putin pledged on 21 Mar to “significantly increase” trade between their two countries by 2030, and Putin threw his weight behind wider globalisation of the CNY, a move aimed at weakening the power of the USD.
  • Xi and Putin held a second round of talks on 21 Mar discussing security and economic issues, including energy, resources and information technology; the leaders also signed a joint statement pledging cooperation through 2030.
  • Additionally, Xi invited Putin to China for 2023’s Belt and Road Forum.
  • Russia and China have long decried the inordinate strength of the USD– the de facto global currency – and the leverage it gives Washington to flex its muscles well beyond the confines of finance.
  • In their economic road map released on 21 Mar, the two sides prioritised eight areas: developing e-commerce and integrated logistics systems while improving financial cooperation, energy and technology ties, industrial cooperation and food security.
  • The leaders also pledged to improve cooperation in the regions surrounding their shared 4,300km (nearly 2,700 miles) border.

External Link : https://www.scmp.com/news/china/diplomacy/article/3214368/xi-jinping-and-vladimir-putin-vow-significantly-increase-trade-between-china-and-russia