The Russian Federation, through its Ministry of Economic Development, and the People’s Republic of China, via its Ministry of Commerce, formalized a growing cooperative path in service trade by signing a memorandum of understanding during the Russia-China business forum held in Beijing. The agreement was announced by the press service of MED in a release to the public.
The core aim of the document is to foster and expand interregional service trade between the two nations. It calls for increased participation by enterprises from Russia and China in exhibitions designed to advance service trade and urges both sides to organize joint events that promote collaboration. The scope covers a broad spectrum of services, including education, healthcare, finance, transportation, construction, technical services, tourism, and sports, among others.
Maxim Reshetnikov, who heads the Ministry of Economic Development, described the memorandum as a significant milestone in the executive plan outlining key directions for Russian-Chinese economic cooperation through 2030. The statement signals a formal commitment to implementing long-term strategies that aim to strengthen bilateral economic ties in the service sector, expanding opportunities for both markets to leverage each other’s strengths and capabilities.
According to the ministry, the agreement becomes effective upon signature and remains in force for a period of three years, after which it may be renewed or renegotiated to reflect evolving economic conditions and technology trends. The timing of the ceremony coincided with high-level negotiations that included the Russian Prime Minister and the Chinese Premier, who were both in attendance as part of broader talks on advancing cooperation across multiple policy areas. In parallel with the service trade memorandum, officials announced the signing of several other documents that underscore the momentum in Russia-China economic collaboration, highlighting a shared interest in infrastructure development, supply chain resilience, and regional development initiatives. [Attribution: Ministry of Economic Development press service]