The trade volume between Russia and China is expected to continue to accelerate and reach new heights, doubling the current record level of $108 billion, the Russian economy ministry says.

Russian Economic Development Minister Maxim Oreshkin told China's Xinhua News at the St. Petersburg International Economic Forum that a memorandum of understanding on trade promotion, recently inked in Moscow, will help to double bilateral trade to its target level in the next few years.

According to Oreshkin, this year the neighboring countries intend to continue increasing trade volume, which is “the point from which we are starting to reach new, ambitious goals.”

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“We have full cooperation and complete understanding, and it is in this spirit that we will continue,” he said.

The minister added that Russia and China have listed a number of key sectors for development and improvement.

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“The two countries should not only implement large projects, but also provide diversified end-use goods and investment. These volumes will grow very actively,” Oreshkin explained.

A new science and technology innovation fund will be created for investment in Russian and Chinese small and medium-sized enterprises.

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Oreshkin noted that Russia plans to increase soybean exports to China which is the world’s largest importer of the produce. China is also set to become one of the major importers of Russian poultry and dairy products.

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