Zambia Association of Chambers of Commerce and Industry (ZACCI) and China Council for the Promotion of International Trade (CCPIT) have signed a cooperation agreement aimed at enhancing bilateral economic relations.

Speaking at the signing ceremony held in Lusaka on Tuesday, ZACCI Chairman George Chabwera said there was a potential that needs to be harnessed through increased investment and trade, "Zambia Daily Mail" newspaper reported Wednesday.

The two organizations agreed to encourage their respective enterprise members to undertake feasibility studies of markets for trade, investment and mutually beneficial joint ventures, he said.

Last year bilateral trade amounted to 28 million US dollars with Zambia importing 22 million dollars worth of goods from China, as against 37 million dollars in 1997 with 26.5 million dollars of China's imports from Zambia, according to figures given by Chabwera.

The trade volume lowered this year with Zambia's imports from China at 1. 8 million dollars while exports to China at 6.7 million dollars, Chabwera said.

CCPIT Vice Chairman Liu Wenjie urged Zambian companies to take advantage of the vast market in China, adding that his organization will encourage Chinese firms to invest in Zambia through joint ventures.