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Trade between Russian Far East, China may reach $20 bln by 2024 – minister

VLADIVOSTOK. Sept 2 (Interfax) – Trade between the Russian Far East and China may reach $20 billion by 2024, Russian Far East and Arctic Development Minister Alexei Chekunkov said at an Eastern Economic Forum session with the theme "Russia-China Business Dialogue" on Thursday.

"China is the leading economic partner of Russia in the Far East. The strength of this partnership has been tested by the coronavirus pandemic, which has had a serious negative effect on foreign trade. Trade turnover between the Russian Far East and China didn’t decrease in 2020, instead it grew 3.3% as compared to 2019 and amounted to $10.8 billion. Our primary objective is to increase trade between constituent territories of the Far East and China to $20 billion by 2024," Chekunkov said.

Fifty-eight investment projects with an overall potential investment of $11.6 billion are being considered and implemented in rapid development territories and the Vladivostok free port with the participation of Chinese investors, he said.