Italian Foreign Minister Renato Ruggiero met with Chinese Finance Minister Xiang Huaicheng in Rome on Thursday, underscoring Italy's commitment to building on the "excellent" relationship between the two countries in a wide-ranging discussion, the Italian Foreign Ministry said.
The two discussed issues related to trade and globalization, especially in light of China's imminent entry into the World Trade Organization (WTO), of which Ruggiero served as director-general for four years.
Ruggiero said the positive conclusion of negotiations to include China in the WTO opened the door to a new phase in its involvement in world markets.
Ruggiero described the relations between the two as excellent and characterized by increasingly shared interests and projects, adding that Italy was focusing on developing stronger economic and trade ties with China.
He also pointed out recent initiatives that were moving in that direction, including the formation of a new China unit at the Foreign Ministry to pinpoint promising areas for trade cooperation.
Italy Ready to Help Enterprise in China
The Italian government is ready to help Italian enterprise in China which Thursday represents "an excellent occasion for our industrial system," Renato Ruggiero said.
Speaking at the China-Italy 2001 forum organized by Confindustria, Ruggiero, a former head of the World Trade Organization, observed that China's entry into the WTO "opens important opportunities now" that the "rules of the game will be the clear for foreign investors and operators."
China, he continued, is currently at work to bring its laws and regulations in line with international standards "and this will make it easier for companies to resolve any future disputes and lead to a gradual increase in trade."
Despite the fact that China is Italy's second most important trading partner in the Asia-Pacific region, Ruggiero recalled that Italy has seen its market share there shrink in comparison with its European partners, during the 1997-2000 period.
After stating that the reasons for this reduction were food for thought, the Italian foreign minister urged Italian companies and banks to invest in four areas: information, assisting operators in the financial market, promotion and training.
Italy is preparing measures to support exports, he said, but there must also be incentives for investment in joint-ventures which can help fill in the gap of Italy's modest direct investments in China.
( 10/12/2001)
