Govt vows to enhance bilateral trade value with Russia

13 Sep '08

1 min read

It was recently reported that the Government of China and Russia have decided to take bilateral trade value to over US $60 billion in 2010.

Statistics have revealed that in 2004, trade value between the two countries reached over $20 billion with China largely exporting light textile products like fur, leather, clothes, shoes and other textile products accounting for nearly 58 percent of the country's total exports to Russia.

Considering such remarkable growth years back, experts did not think it would be difficult for the two nations to achieve the target set for 2010. However, there are a certain problems in the way, the foremost being that Chinese light textile enterprises lacked a brand image which can be a major hurdle for entering Russian market. Secondly, the Russian demand for low-grade products was eventually phasing out which calls for an immediate improvement in the quality and grade of products exported by China.

Moreover, a need has also been felt to actively promote standardization of light textile products exported to Russia. If China succeeds in overcoming these emerging obstacles, there is no reason why a $60 billion mark cannot be attained over a period of two years.

Fibre2fashion News Desk - China

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