China is aiming to strengthen its economic ties with Russia and Mongolia through the development of a trilateral economic corridor, according to Chinese President Xi Jinping. During a meeting with Mongolian President Ukhnaagiin Khurelsukh, Xi emphasized China’s readiness to expand trilateral cooperation and work towards the establishment of the economic corridor. This initiative, known as the China-Russia-Mongolia Economic Corridor project, was initiated in 2016 and has been in development ever since.
The economic corridor aims to enhance regional development and contribute to global integration projects by fostering synergy among China’s Belt and Road Initiative, Russia’s Eurasian Economic Union, and Mongolia’s Prairie Road vision. This project has received praise from a United Nations agency that supports developing nations. The agency highlighted Mongolia’s strategic location between Russia and China, stating that it presents a unique opportunity to strengthen trade linkages between Asia and Europe and expand its reach to new markets.
These efforts to strengthen economic cooperation align with previous statements made by Russian President Vladimir Putin, who expressed satisfaction with the dynamic and fruitful development of relations among Russia, China, and Mongolia. Putin stated that the agreements reached in the trilateral format have been implemented successfully, with visible progress in trade, industries, sciences, and advanced technologies. He also called for the extension of the economic corridor program for another five years.
During the recent meeting, President Xi also expressed hope for the speedy construction of a major gas pipeline connecting China to Russia through Mongolia. This project, known as the Power of Siberia 2, aims to bring natural gas from Russia’s Yamal peninsula to China. By diversifying its gas exports towards Asia, Russia aims to enhance energy security and strengthen ties with its neighboring countries. This move comes as Russia faces sanctions from the US and its allies over the ongoing conflict in Ukraine.
In conclusion, China is committed to expanding its economic cooperation with Russia and Mongolia by establishing a trilateral economic corridor. This project aims to boost regional development, enhance trade linkages between Asia and Europe, and strengthen ties among the three nations. Additionally, the construction of a gas pipeline connecting China to Russia through Mongolia is expected to contribute to energy security and deepen bilateral relations. These efforts demonstrate the growing economic cooperation and integration in the region.