China, Vietnam pledge to boost maritime, financial cooperation

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China, Vietnam pledge to boost maritime, financial cooperation

(Xinhua) 18:25, October 15, 2013

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HANOI, Oct. 15 -- China and Vietnam vowed to boost their cooperation in maritime and financial sectors in a joint statement issued here on Tuesday.

By adhering to consensus reached by the two leaders, the two countries pledged to earnestly implement the Agreement on Basic Principles Guiding the Settlement of Maritime Issues signed in 2011, said the statement.

Making full use of the boundary negotiation mechanism, the two neighbors would seek a permanent solution acceptable to both sides through negotiation and consultation, while actively exploring transitional solutions, such as joint development, without affecting each other's stances and positions.

China and Vietnam decided to establish a maritime work group for joint development at sea within the framework of the governmental boundary negotiation delegation.

According to the statement, joint inspection in waters out of the mouth of the Beibu Bay, a semi-enclosed sea whose delimitation remains under negotiation between China and Vietnam, will be launched within the year.

Both sides also vowed to implement at an early date cooperative programs in less sensitive sectors, such as the study of cooperation in managing the sea and island environment in the Beibu Bay.

They also agreed to manage and control their maritime divergences, refrain from taking actions which would complicate and spread disputes, and take full advantage of hot lines to settle possible maritime crisis and fishery emergencies, so as to maintain peace and stability of the South China Sea and the overall China-Vietnam relationship.

China and Vietnam should work together to fully and effectively implement the Declaration on the Conduct of Parties in the South China Sea (DOC), enhance mutual trust, promote cooperation, maintain peace and stability in the South China Sea, said the statement. ' Under the principles and spirit of the DOC, the two sides agreed to work jointly on formulating a code of conduct in the South China Sea (COC) based on consensus, it said.

Regarding the financial cooperation, the two countries agreed to help and encourage financial institutions of both sides to serve bilateral trade as well as investment and cooperation programs.

Based on a local currency settlement agreement signed by the two countries' central banks in 2003, China and Vietnam would continue talks to expand the scope of the deal, so as to promote bilateral trade and investment, said the statement.

Meanwhile, the two neighbors decided to create a joint work group on financial cooperation in order to enhance their ability to fend off financial risks, and maintain economic stability and development of the two countries and the whole region at large.

They would also strengthen multilateral cooperation and coordination for the financial cooperation in East Asia, said the statement.