"We saw the potential for the development of US-China trade 25 years ago but the speed of growth has far surpassed even our optimistic forecasts," James Amoss, former president of Lykes Shipping, told Xinhua in Seattle Monday.

Amoss' comments summed up the conclusions of a panel discussion held here to mark the 25th anniversary of the maiden voyage of M.V.Liulinhai of China Ocean Shipping (Group) Corporation (COSCO) to the United States.

Few Americans would have anticipated 25 years ago that the US-China trade relationship would have developed into one of the most important bilateral trade relationships worldwide.

In February 1979, Amoss reached a deal with COSCO, under which an American vessel from his company -- then called Lykes Brothers -- was allowed to sail into the port of Shanghai in March of that year. One month later, the port of Seattle welcomed the arrival of the first vessel flying the flag of the People's Republic of China.

On April 18, 1979, COSCO's M.V. Liulinhai docked in Seattle after crossing the Pacific Ocean. The maiden voyage of M.V. Liulinhai to the United States ended a 30-year break in trade and shipping relations between China and the United States and turned a new page in the history of China-US maritime ties, Chen Hongsheng, COSCO's executive vice president, told the panel.

Chen said the total volume of container trade between China and the United States in 2003 grew to 5.9 million TEUs (twenty-foot equivalent units) from zero 25 years ago when no container traffic between the two countries existed.

According to Chen, China-US trade is now one of the most important markets for global shipping companies. Container shipping on this route now accounts for 45 percent of all trans-Pacific traffic.

The total value of bilateral trade between China and the United States has grown to 126.3 billion US dollars last year from 2.5 billion US dollars in 1979, an official of the Chinese Ministry of Communications told another panel discussion at the meeting.

The United States has become China's second largest trading partner while China is the third largest partner of the United States, he said.

At a banquet held to mark the occasion, Chinese Vice Minister of Communications, Hong Shanxiang, said a new bilateral maritime agreement between China and the United States coming into force on Wednesday will signal a new phase in China-US maritime relations.

Hong said the agreement will maintain the rapid pace of development of bilateral trade and the commercial interests of shipping enterprises in both countries will be further safeguarded.

Cooperation between COSCO and the port of Seattle has developed over the past 25 years to the point at which they have become partners in a win-win situation, the vice minister said.

Hong's hope for continuing good relations between China and the US was shared by American officials as well as entrepreneurs at the meeting.

In a congratulatory message, US Secretary of Transportation, Norman Y. Mineta, said COSCO has played a significant role in developing commerce between the United States and China.

"As two-way trade in the Pacific has expanded and flourished, so has COSCO, contributing to the growing and healthy economies ofthe port and city of Seattle, the State of Washington and beyond,"said Mineta.

The rapid growth in trade and maritime relations between the United States and China has brought peace, prosperity and stability to both countries, said Paige Miller, chair and president of Port of Seattle Commission, in her closing remarks at the end of the panel discussions.

Sherwood D. Goldberg, managing director of Worldwide Associates,Inc. -- representing former US Secretary of State Alexander M. Haig at the celebration -- told Xinhua that the event would reinforce the message that the development of trade and maritime relations between the United States and China benefits both partners. Some Americans still fail to see the benefits of trade between the two countries.

"The 25 years since 1979 are now behind us. But the next 25 years will be even more amazing and I wish I was young enough to see them all," said Howard Finkel, vice president of COSCO Americas.

Source: Xinhua