China supports Russia's WTO bid
By Meng Yan (China Daily)
Updated: 2004-09-25 08:34

China and Russia yesterday completed talks concerning the latter's proposed accession to the World Trade Organization (WTO).

They also mutually recognized the market economy status of each.

Visiting Premier Wen Jiabao and Russian Prime Minister Mikhail Fradkov yesterday initialled the agreement before the media.

The formal agreement will be signed by Russian President Vladimir Putin and Chinese President Hu Jintao in October when Putin visits Beijing, Wen said at a press conference after he and Fradkov wrapped up the ninth regular meeting between each nation's prime ministers.

"China and Russia have reached mutual recognition of their status as market economies," said Commerce Minister Bo Xilai.

During their meeting on Friday, Wen and Putin agreed that the two countries would work together so the bilateral trade volume exceeds US$60 billion in 2010.

The meeting between the two premiers has paved the way for President Putin's visit to China, said Fradkov.

Wen and Fradkov yesterday signed a joint communique at the ninth regular meeting between the Chinese and Russian PMs.

They also witnessed the signing of six other documents, including the memorandum of understanding on the regulation of the Sino-Russian trade order and an exchange of letters on China's education aid to Russia's Chechnya.

In a press conference held after his talks with Fradkov, Wen said the two sides had reached consensus in four respects concerning oil and gas co-operation.

Wen said both agreed to enhance co-operation in those areas.

Wen said Russia has promised to fix the route of a proposed oil pipeline in the Far East based on feasibility studies. But active consideration will be given to laying a pipeline into China.

Meanwhile, the two countries have agreed to increase overland oil trade. Fradkov said oil deliveries from Russia to China by rail is expected to rise to 10 million tons next year and 15 million tons in 2006.

Wen said both sides decided to work on plans to jointly explore for natural gas as soon as is practicably possible.

Fradkov said Russia would work together with China to resolve current problems in their oil trade to cement agreements that have already been reached.

"Although the existing problems are faced by private companies, the Russian Government will create favourable conditions for the implementation of existing agreements," said Fradkov.

Both Wen and Fradkov agreed that promoting progress in bilateral energy co-operation is one of the major factors for the two countries to further enhance their strategic partnership.

The joint communique says the two sides have agreed to improve their trade structure by expanding trade of engineering and electrical products and raising the proportion of machines, equipment and products with high added values.

China and Russia will improve the early warning and consultation mechanism on sensitive products to effectively prevent and reduce trade friction and reduce current trade barriers.

They also agreed to promote co-operation in the investment area, reaching a consensus that a China-Russia investment promotion conference will be held every year to promote mutual investment, especially the implementation of large projects.

China will expand its investment in the exploitation of resources and energy, construction of infrastructure facilities and the processing and manufacturing industry, according to the joint communique.

The two sides also discussed co-operation in the fields of aviation, communications and information technology, banking, automobile transportation, forestry and quarantine and inspection.

Wen on Friday also met with State Duma Chairman Boris Cryzlov and Federation Council Chairman Sergei Mironov.

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