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China, Russia Sign Trade Deals Worth $15B

China, Russia Sign Trade Deals Worth $15B

 
  • China, Russia signed 27 trade deals worth $15 billion, Chinese Vice Premier Li says
  • China, Russia should explore different field of cooperation, Li says
  • Both countries should boost trade volumes and mutual investment, Li says

WARSAW (Dow Jones)–China and Russia have signed 27 trade contracts worth $15 billion, as the two countries seek to deepen their trade and investment links, the Xinhua News Agency reported Saturday.

Trade cooperation is an important foundation of China and Russia’s strategic relationship, Xinhua cited Chinese Vice Premier Li Keqiang as saying in Moscow.

Both countries should explore different fields for cooperation, boost trade volumes and mutual investment, Xinhua said, citing Li as saying to Russia Prime Minister Vladimir Putin. There should be focus on pushing for big, strategic joint projects, and both countries should seek to improve their competitiveness globally, Li said.

China and Russia should launch research institutes, advanced technology initiatives, and deepen energy cooperation in nuclear, natural gas, crude oil and coal sectors on the basis of mutual benefit, Li said.

The two countries could also expand their cooperation in finance, direct investment, energy, mechanical and electronic products, he added.

Bilateral trade between both countries reached CNY79.25 billion in 2011, up 43% from the previous year.

Li arrived in Russia Thursday on a trip that will also include Hungary and Belgium, while Chinese Premier Wen Jiabao has ended his own European tour Friday.

Newspaper website: http://www.xinhua.org

-By Esther Fung, Dow Jones Newswires

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