Over the past two decades, there has been showing an increased interest in internationalization of firms from emerging economies, and in the most prominent developing countries (also known as BRICS) as major players among developing economies, in particular. China and Russia have remained among the few economies in the world still showing the highest figures in outward foreign direct investments (OFDI) in spite of the global economic crisis. However, despite the significance of China for Russian international trade, its attractiveness as a platform for Russian outward investment is modest. Despite the relevance of Russian-Chinese cooperation for both countries individually and for the world economy in general, there is almost no research in economics and business which would try to explain the economic mechanisms and managerial rationales behind this cooperation. The aim of this panel is to discuss the international cooperation of emerging market firms within their global value chain, and the regional and sectoral cooperation between firms from China and Russia based on the relationship of these firms’ embeddedness in global value chains, absorptive capacity, and performance.