Russia's membership of the World Trade Organization (WTO) will further strengthen economic ties between China and Russia, said a senior Chinese trade official.

 

"The investment and trade environment in Russia will be further optimized after the country enters the WTO," Vice Minister of Commerce Yu Guangzhou told reporters yesterday.

 

The remarks were made as Russia finished bilateral talks with the US on entry into the global trade organization. All negotiations are expected to be completed this year.

 

Yu said his prediction of enhanced trade is based on China's performance after it entered the WTO in 2001.

 

He added that China expects to restructure bilateral trade by promoting exchanges in machinery and electronic products, as well as in wood processing.

 

"The two sides should improve the efficiency of our cooperation and expand the content," said S.S. Tsyplakov, Russia's trade representative to China.

 

Governments of the two nations are planning more events to encourage two-way trade and investment this year, 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 is also expected to match businesses from the two sides, promote cooperation on major projects and display some 10,000 Chinese products.

 

According to Yu, a number of cooperation projects are expected to be signed at the event.

 

In order to boost China's automobile exports to the country, a parade of made-in-China vehicles will be held in Russia in June.

 

The two neighbors saw brisk growth in bilateral trade and investment last year.

 

Sino-Russian trade volume grew 15 percent in 2006 over the previous year to US$33.4 billion. China has become Russia's fourth-largest trading partner, while Russia is China's eighth-largest.

 

(China Daily February 15, 2007)