China, Russia vow to expand economic, trade cooperation

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Last updated at: (Beijing Time) Tuesday, September 23, 2003

China, Russia vow to expand economic, trade cooperation

China and Russia agreed Monday to increase mutual investment, improve trade structure, and handle problems in economic and trade cooperation in a spirit of friendship and mutual benefit.

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China and Russia agreed Monday to increase mutual investment, improve trade structure, and handle problems in economic and trade cooperation in a spirit of friendship and mutual benefit.

The consensus came during the seventh meeting of the committee for the regular meeting of the prime ministers of China and Russia, which was co-chaired by Chinese Vice-Premier Wu Yi and Russian Deputy Prime Minister Viktor Borisovich Khristenko.

The two sides also agreed that Russia would export 4.5 million to 5.5 million tons of oil to China from 2004 to 2006, and is later expected to export 15 million tons annually.

The officials prepared for the eighth regular meeting of the prime ministers due to be held on Sept. 24, and agreed on the documents to be signed during the meeting.

The two sides agreed that economic and trade cooperation would expand by 2010 when the gross domestic products of the two countries would be double that of 2000, and the two countries should make efforts to increase bilateral trade to 20 billion US dollars.

The participants also examined how the two sides would realize the agreements reached in the seventh prime ministers' regular meeting and the sixth meeting of the committee, and exchanged views on Russia's entry to the World Trade Organization, resources cooperation and how to handle the trade disputes.

The chairmen of the sub-committee for the regular meeting of the prime ministers between China and Russia on trade and economy, resources, transportation and aviation, and some business leaders attended the meeting.

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