China and Russia Establish Soybean Industry Association... Expanding Import Channels

[Image source=EPA Yonhap News]

[Asia Economy Reporter Yoo Je-hoon] China has established a Soybean Industry Association with Russia and decided to strengthen cooperation in related industries, according to the state-run Global Times on the 26th.

According to the report, Zhong Shan, China's Minister of Commerce, and Maxim Oreshkin, Russia's Minister of Economic Development, held a video conference on the 25th and reached this agreement. The Global Times analyzed, "As trade with the United States, China's second-largest soybean supplier, is overshadowed by political confrontation, China will expand its soybean import channels."

China has repeatedly faced difficulties in soybean imports over the past two years amid the US-China trade dispute. Although soybean supply recovered after the trade agreement between the two countries earlier this year, rising tensions between the two nations have further increased instability.

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