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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) |
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