Wednesday, June 6, 2012
Russia and China sign multiple business agreements
Russian President Putin and Chinese president Hu Jintao have signed multiple agreements governing cooperation on investment, energy, and technology. The signing happened during Putin's recent three day visit to China.
The two leaders pledged economic cooperation during the present global economic turmoil. Hu noted:"China and Russia are both committed to restructuring their economy and addressing the risks and adverse influence in the global economy," The goal of the two countries is to reach trade levels of 100 billion US. by 2015 doubling to 200 billion by 2020. In 2011 the level was just 80 billion but this itself was 42 per cent higher than the year before.
China and Russia also signed 12 different diplomatic and business agreements and established a 4 billion dollar joint investment fund. Russia already provided 15 million tons of crude oil through exclusive pipelines last year and expects sign an agreement to provide natural gas as well to serve China's expanding industries. For much more see this article.