Mishustin approved the draft agreement between Russia and China on mutual protection of investments

Russian Prime Minister Mikhail Mishustin has approved a draft agreement between the Russian Federation and the People's Republic of China (PRC) on the promotion and mutual protection of investments. The relevant document was published on the official Internet portal of legal information on April 23.

"To approve <...> the draft agreement that has been previously worked out with the Chinese side. <...> Instruct the Russian Ministry of Economic Development, upon reaching an agreement with the Chinese side, to sign the said agreement on behalf of the Russian government," the head of government's order says.

Moscow and Beijing will also exchange letters "forming an understanding between the governments of the Russian Federation and China on the application of measures, the introduction of which is regulated by the rules of the World Trade Organization (WTO) on national security exceptions."

According to the document, each of the parties "strives to create favorable conditions for investors of the other contracting party to make investments in their territory." It is specified that the agreement will be valid for 10 years from the date of its entry into force.

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Earlier, on January 29, Chinese Ambassador to Moscow Zhang Hanhui told Izvestia that Russia and China would deepen business cooperation and promote it in such traditional areas as energy resources, transport, trade, economy, investment and agriculture. The countries also intend to increase humanitarian exchange and strengthen ties between peoples, the diplomat added.,