China, Russia sign a satellite navigation cooperation agreement

China, Russia Premiers signed a agreement for cooperation in global navigation systems, last week – both countries are committed to growing trade relations.

Li Keqiang and Dmitry Medvedev signed the agreement and called for extension, growth and preservation a multilateral global trading and investment regime. The meeting took place after the US imposed sanctions on Iran.

The two met and spoke without interpreters,  while watching leaders signing agreements on energy, agriculture and peaceful use of Russia’s Glonass and China’s Beidou satellite navigation systems.

China and Russia oppose the Iran sanctions which were imposed last week, Monday. Washington gave China and other seven countries a waiver to continue importing crude for the next six months – US has denied China and Europe’s attempts to negotiate a preservation of trade and investments with the oil rich nation.

The Premiers held a press brief on Wednesday morning, with public comments limited to China’s stance on “unilateralism and protectionism” hurt international trade rules, without a mention of Iran.

“Trade between China and Russia is likely to reach $100bn this year, both men noted. Ten years ago we couldn’t have imagined this but now we can even aim at $200bn,” Medvedev said as reported by Financial Times.

China, Russia satellite navigation systems Glonass and Beidou have 40 operational satellites with other 20 Chinese satellites in the pipeline. GPS has 23 while the Galileo network is expected to have 30 by 2020.  

Source: Financial Times

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