ECONOMIC INTERDEPENDENCE BETWEEN RUSSIA AND CHINA

Author Name: Dr. Pawan Kumar Yadav

Volume/Issue: 03/06

Country: India

DOI NO.: 08.2020-25662434 DOI Link: https://www.doi-ds.org/doilink/11.2022-94711753/UIJIR

Affiliation:

Associate Professor, Department of Political Science, S. M. College, Chandausi, Distt.–Sambhal, Uttar Pradesh, India

ABSTRACT

Since the world is becoming more interconnected, close economic links will be necessary to maintain the partnership. Local trade reopened when normalisation talks were restarted in 1982. Mikhail Gorbachev’s perestroika sparked a series of adjustments in Russian international trade policy, boosting the power of regions in the RFE and of businesses. The establishment of trade contacts between Russia and China resulted in a major increase in trade as “regional and provincial agencies,” as well as businesses themselves, gained the authority to undertake “foreign economic relations,” including the formation of joint ventures “in each other’s countries.” The implementation of new Russian-Chinese projects in the fields of agriculture, power engineering, and other industries would boost bilateral trade. In March 2022, China declared that the country would refrain from taking part in American-led “sanctions” against Russia and would continue to have regular business and “financial” relations with the latter. Overall, the state of trade and economic cooperation indicates that it has evolved into a significant facet of reciprocal cooperation and the structural basis of strategic partnership relationships.

Key words: Russia, China, Bilateral Trade and Commerce, Strategic Partnership, Economic Ties.