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Twin pacts signed on financial services
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08:53, October 24, 2008

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The Irish Financial Services Regulatory Authority signed two memorandums of understanding with the China Banking Regulatory Commission and the China Securities Regulatory Commission yesterday in Beijing.

"The agreements are designed to enhance cooperation between the two countries' regulatory bodies and create new opportunities for greater trade and investment in financial services between companies from both countries," Irish Prime Minister Brian Cowen said.

Cowen yesterday led an Irish trade mission comprising representatives from 94 companies in a bid to boost economic ties with China. He will today attend the opening of the 7th Asia-Europe Meeting (ASEM7).

Ireland is expected to sign an array of agreements with China at the summit with an estimated total value of 60 million euros ($76.7 million), he said.

The prime minister also expressed his confidence in boosting trading partnerships with China in an all-round way, as the trade mission comprised firms from diverse industries, including education, financial services, software and information technology, and healthcare.

"Irish companies with cutting edge solutions are key to a flourishing economic relationship with China," he said.

"I am confident that Ireland and China will continue to be strong trading partners, as trade between the two has grown rapidly in recent years," he said.

In the first six months of this year, trade between the pair hit 990 million euros, up 39 percent year on year.

Source: China Daily

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