What You Need to Know
The relationship between China and Russia is complicated. The two countries have been allies for a long time, but their relationship has changed dramatically in the past few years.
The two countries are now connected through a new trade and investment relationship known as the Eurasian Economic Union (EEU). The EEU is a free trade and economic union formed by Russia, Belarus, and Kazakhstan. The countries signed a Founding Act in June 2018 to establish the union. Within the framework of the EEU, the two countries established economic ties and signed a free trade agreement.
In this blog post, we’ll highlight the key differences between China and Russia in the new trade relationship. We’ll also explore their bilateral trade, investment, and political ties and how their relationship affects China and Russia.
What is the Eurasian Economic Union?
The Eurasian Economic Union (EEU) is a trade and economic union formed by Russia, Belarus, and Kazakhstan. The union includes twenty-five countries. It has three components: the Customs Union, the Common Eurasian Entry Point, and the Free Trade Area. The EEU has the potential to expand further to include Armenia, Kyrgyzstan, and Georgia in the future.
The union allows free movement of people, goods, and services among the member states. There are no restrictions on the production of goods or the trade of services. The EEU is different from the World Trade Organization’s (WTO) General Agreement on Tariffs and Trade (GATT) in that it does not include agriculture, mining, or any other traditional sector.
What is the relationship between China and Russia?
The relationship between China and Russia has been complicated by the countries’ different histories and current political situations. Russia’s colonial rule of China changed the course of Chinese history. The communists’ effect on China’s government also had a profound effect on the country’s political system which led to the establishment of the PRC. As a result of these factors, the relationship between China and Russia is very different from other countries in the region.
Why is the relationship between China and Russia complicated?
The reasons why the relationship between China and Russia is complicated are many, but two of them stand out. First, Russia’s relationship with the West has been complicated by the Cold War. Today, Russia’s relationship with the EU is considered to be very good. The two countries have a combined trade of around $1.38 trillion and a surplus of $14.6 billion in goods and services in 2017.
Second, China and Russia’s relationship has been complicated by the Sino-Japanese War. After World War II, the two countries signed a peace agreement and normalized relations. In the past 50 years, the Sino-Japanese relationship has experienced many changes. Japan’s revisionist policies towards China have been a source of tension. The relationship between the two countries has also been affected by the Sino-Indian War and the Sino-Vietnamese War.
Key Differences Between China and Russia
Similarities: Both countries are led by Democratic Party leaders. Both countries are the focus of international media attention. Both countries have a population of over 1.3 billion people.
Differences: The biggest difference between China and Russia is that Russia was a Soviet Socialist Republic until 1991, whereas China became a Communist country in 1949. The two countries’ histories also make them different. Russia was a former Soviet Socialist Republic while China was a former Chinese Empire.