Trade official in Russia talks on foreign vendor ban_Macro-Economy—China Economic Net
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Trade official in Russia talks on foreign vendor ban
Last Updated(Beijing Time):2007-03-03 10:04

Although Moscow's municipal government stopped implementation of the ban, trade experts said the rule still reflects a trend in Russian government policies.

Yu also called on Chinese enterprises to stop illegal practices such as "grey clearance", in which exporters use Russian agents in a bid to avoid Russia's complicated customs procedures.

"The previous informal business method is coming to an end as Russia steps up efforts to stop unethical practices and clean up markets," he said.

Trade between the two countries grew at a pace of over 30 percent each year from 1999 to 2005, and leaped 15 percent last year. Russia is now the eighth-largest trading partner of China, while China is the fourth-largest for Russia.

According to statistics from the ministry, China invested as much as $1 billion in over 700 projects in Russia by the end of last year. Russia in turn invested $70 million in China.

Investment sectors included energy and resource extraction, home appliance manufacturing, and telecommunications.

Source:China Daily