China calls for ‘soybean industry alliance’ with strategic partner Russia
- Commerce minister urges closer cooperation in all areas of the supply chain during talks with Russian counterpart
- The world’s biggest soybean importer also says it will continue buying more of the oilseed from the US
China has proposed a “soybean industry alliance” with Russia as it seeks to deepen economic ties with its strategic partner – despite its commitment to buy more of the oilseed from the US.
Commerce Minister Zhong Shan called for closer cooperation with Russia in all areas of the soybean supply chain during a videoconference with Russian Minister of Economic Development Maksim Reshetnikov on Tuesday.
Zhong also said Beijing and Moscow should “match up” the countries’ major soybean production areas and build an industry alliance, according to a statement from the Chinese ministry.
China is the world’s biggest soybean buyer, and its imports have become a barometer of trade relations with the US amid their increasingly rancorous disputes. But that reliance on imports from individual countries is a risk to food security, and Beijing has sought to diversify suppliers while increasing domestic soybean production.
