Russia, China will bring trade turnover in 2023 to $200B: Premier

Russia's prime minister on Tuesday said that Moscow and Beijing will bring the trade turnover between the two countries in 2023 to $200 billion.

"Last year, mutual trade increased by almost a third - and approached $190 billion. I am convinced that already this year we will fulfill the task set by you (Chinese President Xi Jinping) and Russian President Vladimir Vladimirovich Putin, to bring trade to $200 billion," Mikhail Mishustin said during a meeting with Xi in Moscow.

Mishustin said that the trade and economic cooperation between Russia and China are developing successfully, despite the unfavorable external situation, the turbulence in global markets, and increasing sanctions from the West.

Mishustin said Moscow is interested in further strengthening its comprehensive partnership and strategic cooperation with Beijing.

"Our relations are at the highest level in the entire centuries-old history and have an impact on the formation of the global agenda - in the logic of multipolarity," Mishustin further said.

He also said the government and ministries of both countries are interacting and engaging in the promotion of joint projects in their respective areas.

"The coordination of our common work is ensured by the mechanism of regular meetings of the heads of government of Russia and China. This is a unique format that includes five intergovernmental commissions and more than 80 sub-commissions and working groups," he said.

He said that the investment portfolio of the Intergovernmental Russian-Chinese Commission on Investment Cooperation includes 79 projects worth over $165 billion.

Mishustin added that talks between Xi and Putin will result in the adoption of important agreements. Xi will later hold narrow and expanded meetings with Putin.

Meanwhile, Xi said he chose Russia as the location of his first visit since his re-election based on "historical logic".

"We have chosen Russia as the first stop of the Chinese leader's foreign visit. This is in line with historical logic, because we are the largest neighboring powers and all-round strategic partners," Xi said.

Xi further noted that relations between Beijing and Moscow "over the years have withstood the test of various twists and turns and have become stronger."

Separately, according to China's Foreign Ministry, Xi underscored the "good momentum of all-round practical cooperation between China and Russia."

The Chinese president expressed "his hope for reaching new goals in bilateral cooperation through institutionalized channels of exchanges."