China, Russia agree to double their trade in 5 years

China and Russia recently wrapped up three days of talks with an agreement to double their trade in five years. The two nations set a goal of increasing their trade to $200 billion in the next half-decade. Business Times says the two nations will work together to remove tariff and regulatory barriers to the exchange and trading of various goods.

China and Russia will work to improve the flow of agricultural, industrial, and technological products and services. Soybeans were a big topic of conversation between the Chinese Premier and Russian President Putin. Soybeans have become a major issue for China during its trade dispute with the U.S.

Industry experts have said that China will get a good number of soybeans from Russia, which still won’t be able to replace the U.S. as China’s main supplier. While Russia doesn’t produce nearly the number of soybeans as the U.S., it is planning to increase soybean production in eastern parts of the country to help increase exports to China.