Russia's membership of the World Trade Organization (WTO) would
help develop economic ties between China and Russia, a senior
Chinese trade official announced yesterday.
"The investment and trade environment in Russia will be further
optimized after the country enters the WTO," Chinese Vice-Minister
of Commerce Yu Guangzhou told reporters yesterday.
Yu was commenting as Russia ended bilateral talks with the
United States on possible entry into the global trade organization.
This year should see the completion of all negotiations
Yu added that these predictions of enhanced trade volume were
based on China's performance following its accession to the WTO in
2001.
Once Russia joined the organization, Yu said China would look to
restructure bilateral trade by pushing for more exchanges in
machinery and electronic products, as well as in wood
processing.
"The two sides should improve the efficiency of cooperation and
expand the content," said S.S. Tsyplakov, Russia's trade
representative to China.
Both governments aim encourage two-way trade and investment this
year by arranging a range of events, including the China National
Expo in Moscow, the largest event of its kind in Russia.
The exposition, scheduled for March 26 to 29, will showcase the
best of China's manufacturing industries, such as textiles,
equipment, heavy machinery and vehicles.
The event will also serve as a networking avenue for businesses
from both sides, promoting cooperation on major projects and
displaying some 10,000 Chinese products. Yu added that a number of
cooperation projects were to be signed at the event.
In order to boost China's automobile exports to its northern
neighbor, a parade of made-in-China vehicles will be held in Russia
in June.
2006 witnessed bilateral trade growth with the Sino-Russian
trade volume growing 15 percent in? over the previous year to
US$33.4 billion. China now stands as Russia's fourth-largest
trading partner, while Russia is China's eighth-largest.
(China Daily February 15, 2007)