Liu Kejiang is Invited to Attend the Third Access Meeting of China-Russia Annual Investment Road Show
There were a lot of participators from the governments, trade associations, banks, financial investment institutions, trade enterprises, law firms, audit authorities and media institutions of China and Russia. They discussed on numerous topics such as the corporations of finance, trade, investment and commerce between the two countries, as well as the introduction of the strategic investment projects in Russia, and the legal services and dispute settlements related to investment and M&A.
Director Liu said that China-Russia bilateral trade reached 10.6 billion U.S. dollars in 2001 and the number reached 459 billion U.S. dollars in 2016. Moreover, it would increase faster and faster amid the promotion from the two countries’ governments. However, with the development of bilateral trade, there would be more trade disputes. Hence, it would be a key point needed to be considered by China and Russia that how to settle disputes and ensure international trade goes on wheels. Currently, the bilateral treaty and legislation of China-Russia trade disputes lagged behind, as a result, the two parties would tend to choose the western arbitral institutions which would be time-consuming and costly, and it would severely obstruct the development of bilateral trade.
At last, Director Liu made an assumption against this issue that China and Russia are enjoying a healthy diplomatic relation at present, the two countries’ governments could revise the lagged bilateral treaty and try to establish a joint arbitration organization through negotiations to settle bilateral trade disputes and ensure bilateral trade development smooth.