It has been in the news a lot, many countries trying to increase bilateral trade, but it seems that Russia is one country taking the initiative to a higher level. Russia has a goal of increasing its bilateral trade with China, Pakistan, and Ethiopia.
Russia's goal with China is to increase bilateral trade to $200 billion by the year 2020. The current trade between Russia and China stands at about $90 billion, so increasing to $200 billion will be challenging but many think it is a realistic goal. Trade between the two countries has decreased slightly over the last few years, but this was due to external factors that can be managed under the current situation. Right now Russia and China are working on strengthening the relationship ties between them hoping that will help boost bilateral trade.
The goal with Pakistan is a bit different than the goal with China. The current trade between Russia and Pakistan is seen as being at an unsatisfactory level, and the goal is to increase the confidence between Russia and Pakistan's people, businessmen, and governments. Increasing the amount of bilateral trade with Pakistan could be very impactful for Russia, tapping into this undervalued resource. Things look promising, as potential investors from Russia are showing a great deal of interest in investing in Pakistan. There is great potential of bilateral trade between the two in many industries, including automobiles, construction, agriculture, energy, IT, steel, furniture, household equipment, textiles, meat, and the dairy sector.
In Ethiopia, both countries, Russia and Ethiopia, have agreed to work on boosting mutual investment and trade. Ethiopian politicians have stressed that the country needs more support from Russia in education, science, and technology. Recently there have been over 35 projects in Ethiopia with either full or partial participation of Russian investors.
Russia is making it a priority to boost its bilateral trade with not just one country but with many, including China, Pakistan, and Ethiopia. Make sure to keep checking back to see new international business blog posts on globalEDGE.