BEIJING, July 14. /TASS/. China has firmly established itself as Russia’s key trade and economic partner, Russian Ambassador to China Igor Morgulov said at a reception marking the 25th anniversary of the signing of the Treaty of Good-Neighborliness, Friendship, and Cooperation between the two countries, held at the Russian Embassy in Beijing.

"Significant progress has been achieved in trade and economic cooperation, which over the past quarter-century has evolved from simple exchanges of goods and cross-border barter into strategic cooperation across a wide range of practical areas. Since 2001, bilateral trade has increased more than 30-fold and has exceeded the $200-bln mark by a wide margin for three consecutive years. China has firmly established itself as our country’s largest trading partner, while Russia ranks among China’s five leading foreign trade partners," he said.

The Russian ambassador also noted that the completion of the transition to the use of national currencies in mutual settlements between the two countries creates a protected framework for economic ties.

The Russian-Chinese Treaty of Good-Neighborliness, Friendship, and Cooperation was signed by Russian President Vladimir Putin and Chinese President Jiang Zemin. It was originally concluded for a term of 20 years. In May, Russia and China agreed to extend the treaty.