BEIJING — China and Russia will work together to expand bilateral trade and investment to develop their comprehensive strategic partnership of coordination for a new era, according to the Ministry of Commerce (MOC).

On July 16, Minister of Commerce Zhong Shan and Russian Economic Development Minister Maxim Oreshkin held a meeting on implementing the consensus regarding economy and trade reached by the two countries’ heads of state at the St. Petersburg International Economic Forum in June, the MOC said in an online statement released on July 18.

Efforts will be made to speed up advancing economic and trade institutional arrangements, improve the business environment and deepen trade cooperation in soybeans and other agricultural products, Zhong said.

The two countries will strengthen communication and coordination under multilateral frameworks such as the World Trade Organization, the Shanghai Cooperation Organization, BRICS and the Greater Tumen Initiative, and jointly safeguard the multilateral trading system and oppose unilateralism and protectionism, he added.

China welcomes Russia’s participation in the second China International Import Expo and will contribute to the success of the seventh China-Russia Expo to be held in Russia next year, Zhong said.

Oreshkin said the Russian side is willing to strengthen communication and coordination with China, strengthen cooperation in emerging areas such as e-commerce and service trade on top of cooperation in traditional energy, mineral resources and transportation.

Russia is willing to promote trade and investment facilitation, elevate bilateral economic and trade cooperation to a new level, and strive to lift bilateral annual trade to $200 billion.

In 2018, bilateral trade reached a record high of $107 billion, up 27.1 percent year-on-year, official data showed.