Russia, China Sign Economic Communique
Posted on: Sunday, 3 July 2005, 09:00 CDT
Excerpt from report by Russian news agency Interfax
Moscow, 3 July: Russia and China will make joint efforts to release the huge potential of Russian-Chinese trade and economic cooperation, to improve the structure of trade and to increase the share of machines and equipment [in it], says the joint Russian- Chinese communique, signed by Russian President Vladimir Putin and Chinese President Hu Jintao in Moscow on 2 July.
"The two countries will try to reach the target to increase trade to 60bn-80bn dollars by 2010," reads the communique, which was posted on the Kremlin's website today.
It notes that in the past few years there has been a tendency of accelerated development in Russian- Chinese trade and economic cooperation. In 2004, the bilateral trade reached a new record level of 21.23bn dollars. This year has seen that same high rate of growth of over 20 per cent in the bilateral trade.
"Both countries are pleased to note positive tendencies in developing investment cooperation and praise the results of the Second Russian-Chinese Investment Forum, which was held in St Petersburg in June, 2005, and at which agreements were reached on a number of large and medium-sized investment projects. The sides will continue to hold investment forums, to increase their scale and enhance the level of cooperation," the document reads.
Under the national legislative systems, the countries will take measures to create a favourable investment climate and conditions necessary for implementing projects which have already been agreed upon, in order to increase China's overall investment in Russia to 12bn dollars by 2020.
The sides will also accelerate the process of signing a Russian- Chinese intergovernmental agreement to encourage and protect each other's capital investments. [passage omitted]
Source: BBC Monitoring Former Soviet Union
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