China to buy more electronic products from Russia
Monday, 27 August 2007
BEIJING, Aug 26 (PTI): China and Russia have agreed to establish a joint chamber of commerce for machinery and electronic products to revive trade in this sector while diversifying the trade basket.
Chinese Commerce Minister Bo Xilai and visiting Russian Economic Development and Trade Minister German Gref agreed on promoting bilateral trade along with other agreements covering areas such as farm products and lumber.
The mechanism was agreed by Chinese President Hu Jintao and Russian President Vladimir Putin earlier this year.
Bo said the two sides were still discussing how to launch the chamber.
"China expects to import more machinery and electronic products from Russia, but we will choose what is proper," Bo said adding that the value of bilateral trade is expected to hit USD 40 billion by the end of this year.
Russia is competitive in manufacturing machinery and electronics products, but its exports to China have declined in recent years. The two sides expect the new agreement to reignite trade in this field, media reports said.
Agreements were also reached in other areas, such as promoting lumber processing and strengthening cooperation in border trade.
Gref said two sides will also set up a mechanism to deal with issues involving farm products, but he did not elaborate.
Russia also invited Chinese enterprises to help build infrastructure for the Asia Pacific Economic Cooperation(APEC) summit scheduled to be held in Russia in 2012, and the Winter Olympics in 2014.
The two ministers also discussed issues including labour movements and vehicle trade.
Meanwhile, Russia has agreed to open by November 1 three additional border crossings along Northeast China's Heilongjiang Province for the inspection of Chinese rice exports to Russia.
Chinese enterprises have been increasing their investments in Russia in recent years.
Chinese firms have established in Russia an economic and trade cooperation zone aimed at developing industrial clusters in the region. A number of Chinese auto makers have also set up operations in the neighbouring country.
Chinese Commerce Minister Bo Xilai and visiting Russian Economic Development and Trade Minister German Gref agreed on promoting bilateral trade along with other agreements covering areas such as farm products and lumber.
The mechanism was agreed by Chinese President Hu Jintao and Russian President Vladimir Putin earlier this year.
Bo said the two sides were still discussing how to launch the chamber.
"China expects to import more machinery and electronic products from Russia, but we will choose what is proper," Bo said adding that the value of bilateral trade is expected to hit USD 40 billion by the end of this year.
Russia is competitive in manufacturing machinery and electronics products, but its exports to China have declined in recent years. The two sides expect the new agreement to reignite trade in this field, media reports said.
Agreements were also reached in other areas, such as promoting lumber processing and strengthening cooperation in border trade.
Gref said two sides will also set up a mechanism to deal with issues involving farm products, but he did not elaborate.
Russia also invited Chinese enterprises to help build infrastructure for the Asia Pacific Economic Cooperation(APEC) summit scheduled to be held in Russia in 2012, and the Winter Olympics in 2014.
The two ministers also discussed issues including labour movements and vehicle trade.
Meanwhile, Russia has agreed to open by November 1 three additional border crossings along Northeast China's Heilongjiang Province for the inspection of Chinese rice exports to Russia.
Chinese enterprises have been increasing their investments in Russia in recent years.
Chinese firms have established in Russia an economic and trade cooperation zone aimed at developing industrial clusters in the region. A number of Chinese auto makers have also set up operations in the neighbouring country.