The bilateral trade between China and Russia is most likely to exceed US$500 billion in 2008, based on the outstanding growth in the first seven months of this year, said Gao Hucheng, Deputy Minister of the Ministry of Commerce (MOC).

With the deepened strategic partnership between China and Russia, the bilateral cooperation on economy and trade has been developing well. Sino-Russia trade volume has been growing at an annual rate of 30% since 1999.

Statistics showed the trade volume between China and Russia amounted to US$32.3 billion in the first seven months, representing a year-on-year rise of 29%.

The bilateral trade volume may exceed US$50 billion this year and the goal to hit US$60 billion-US$80 billion in 2010 is expected to be achieved ahead of schedule, Gao said.

Gao Hucheng made the remarks at the Russian Week of Commerce in the Fourth Northeast Asia Expo.

(China Knowledge, Sep 5, 2008)