Russia and the United Arab Emirates (UAE) are aiming to increase the volume of their trade exchanges, which will top $10 billion by the end of 2024, a report cited a top Russian trade official as saying.

Sergey Gorkov, Chairman of Russia-UAE Business Council, said that several Russian companies, belonging to a wide range of industries such as information technology, pharmaceuticals, manufacturing, oil & gas, and petrochemicals, have flocked to the UAE market in recent years, Emirates News Agency, WAM, said.

The agency, citing TASS News Agency, said that Gorkov made the remarks on the sidelines of the 27^th edition of St. Petersburg International Economic Forum, which kicked off on June 5.

The four-day event is being held under the theme, ‘The Foundations of a Multipolar World – The Formation of New Areas of Growth’.