China, Philippines to expand trade and economic cooperation

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Last updated at: (Beijing Time) Wednesday, March 17, 2004

China, Philippines to expand trade and economic cooperation

Trade officials from China and the Philippines agreed Tuesday at the conclusion of a joint trade meeting to expand cooperation in agricultural and industrial sectors as well as bilateral trade.

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Trade officials from China and the Philippines agreed Tuesday at the conclusion of a joint trade meeting to expand cooperation in agricultural and industrial sectors as well as bilateral trade.

An Min, vice-minister of commerce of China, and Thomas Aquino, undersecretary of the Philippine Department of Trade and Industry, agreed to enhance exchanges between the governments and enterprises of the two countries, to implement major cooperative projects more actively and increase mutual investment.

Aquino and An jointly chaired the 23rd session of the China-Philippine Joint Trade Commission, which started Monday.

The two sides agreed that next annual meeting will be held in Manila, capital of the Philippines.

After the meeting, Chinese Minister of Commerce Bo Xilai met with Aquino.

Bo said the two sides reached much consensus during the meeting, which he said was sure to enhance bilateral economic and trade relations.

Bilateral trade volume reached 9.4 billion US dollars in 2003, up 78.7 percent from a year ago, and with this growth rate, a bright future is waiting for the two sides, Bo said.

Aquino said he was pleased that the two sides have maintained sound cooperative relations and he hopes both sides would work hard to bring the economic relations to a new high.

The annual meeting of the China-Philippine Joint Trade Commission, which started in 1976 according to an agreement of the two governments, is held in Beijing and Manila in turn.

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