Yandex.Money, TradeEase to ramp up efforts for China – Russia trade

The partnership aims to boost cross-border trade between the two countries. The project is expected to have a turnover of USD 830,000 in the first 3 months after it starts in the summer of 2015. The platform will be launched by China’s PayEase payment service, Bank of China, China’s Heilongjiang province and the border city of Suifenhe, according to RT.com, citing Vedomosti.

The new platform will allow Chinese shops operating on the border with Russia to sell their goods online. Trade between the Chinese province of Heilongjiang and Russia exceeded USD 23 billion in 2014, accounting for about a quarter of the total trade turnover between Russia and China.

The average spend on Chinese online stores accepting payments through Yandex.Money is currently USD 58 and is expected to be comparable on the TradeEase platform, according to the Deputy Commercial Director for Yandex.Money, cited by RT.com.

Chinese online stores are the most popular foreign ecommerce platforms among Russia’s online customers, according to the results of a survey by Yandex.Market and Germany’s Research Institute. China is Russia’s second largest trading partner after the EU, after hitting a record USD 59 billion in the first half of 2014. The two countries are planning to increase bilateral trade to USD 200 billion by 2020.