Mongolian President Nachagyn Bagabandy said Tuesday that he expected a "win-win" result in Mongolian-Chinese economic and trade cooperation.

At the Mongolian-Chinese economic and trade talks, Bagabandy said Mongolia attached great importance to the relations with China. Bilateral relations had been promoted on the basis of the treaty on friendly relations of 1994 and two joint statements in 1998 and 2003.

During Chinese President Hu Jintao's visit to Mongolia June 2003, the two countries set the general direction of bilateral relationship in the 21st century, which is to establish a good-neighborly partnership of mutual trust.

Bagabandy said he was satisfied with the remarkable fruits that had been made in carrying out the consensus and the trust and understanding between Mongolia and China had been deepened.

Bagabandy said that during President Hu's visit, they also agreed to promote economic and trade cooperation.

Mongolia has rich natural resources. Bagabandy said Mongolia had always taken resources exploration as an important cooperative area with China. He said the two states would exploit jointly the iron ore, oil and coal resources in Mongolia and Mongolia would export more resources to China.

Liu Wenjie, vice chairman of the China Council for the Promotion of International Trade, said China needed large quantities of resources as it's economy developed in a high speed.

Mongolia had rich reserves of coal, nonferrous metal and other resources, so there would be great promise in bilateral cooperation in the resources area. He believed this inspiring trend would continue.

According to statistics from the General Administration of Customs of China, trade volume between China and Mongolia in the first five months of 2004 reached 268.543 million US dollars, increasing 64.4 percent over 2003, in which China's export volume to Mongolia was 101.609 million dollars, and the import volume reached 166.934 million dollars.

China has been the largest trade partner of Mongolia for five years and the largest investor in Mongolia for six years.