MoU on promoting bilateral trade between Russia and China signed

The Memorandum of Understanding between the Ministry of Economic Development of the Russian Federation and the Ministry of Commerce of People's Republic of China on promoting bilateral trade was signed during the visit of the Russian delegation led by the Prime Minister of the Russian Federation Dmitry Medvedev to Beijing on December 17, 2015.
The MoU is aimed at expanding Russian-Chinese mutual trade and enhancing trade and economic cooperation, as well as improving the mechanism of development of cooperation in the framework of the Russian-Chinese Commission for preparing regular meetings of heads of government.
The document recognizes a need to raise awareness of Russian and Chinese business about existing opportunities for mutually beneficial cooperation in trade.
The Memorandum emphasizes the importance of exhibition and fair activities and includes an intention to encourage active participation of companies from both countries in key trade fairs, exhibitions and international conferences held in Russia and China. It also recognizes the need to further promote joint Russian-Chinese EXPO and encourage more active participation in the EXPO of small and medium enterprises.
The Memorandum emphasizes the intention of Russia and China to simplify customs administration procedures and provide mutual recognition of customs control results, to implement the Green Corridor project and to harmonize national standards, norms and rules of technical regulation in order to create favorable conditions to boost bilateral trade.
Other spheres included into the MoU are interregional and cross-border cooperation, interbank cooperation, cross-border e-commerce, trade in agricultural products etc.
The document also emphasizes the parties` intention to strengthen cooperation in implementation of the import substitution programme of the Russian Government and localization of production to develop the indicative documents, including a list of priority goods and projects for identifying new opportunities to increase bilateral trade volumes.
The Memorandum is applicable from the date of its signing.
Press-release at the official web-site of the Ministry of Economic Development of the Russian Federation