China-Russia road transport agreement and Eurasian Bridge to boost trade
China and Russia sign a bilateral international road transport agreement to boost economic and trade cooperation during the annual Shanghai Cooperation Organisation Summit in Qingdao, China.
China's Ministry of Transport and the Russian Federal Ministry of Transport have signed a bilateral agreement, pledging to lift current barriers and open their territories to international road transport in a bid to boost economic and trade cooperation.
The new Eurasian Land Bridge connecting China, Russia and Europe is set to see a rise in transport activity, signifying a milestone for the road transport industry within the context of China's Belt and Road initiative. With China recently launching TIR, the customs transit system could further drive trade prospects across the region.
The two countries have agreed to remove previous constraints on designated freight routes, in order to allow transport operators to choose routes according to market needs.
The agreement also facilitates transit from each territory or to third countries by having both China and Russia as departure and destination countries.