China and Vietnam agreed on Wednesday to speed up the process of land border demarcation and work closely to ensure that the work will be finished and a new border administration document signed by 2008 on schedule.

In a joint statement issued during Chinese President Hu Jintao's visit to Vietnam, the two sides positively appraised the implementation of the Beibu Bay Demarcation Agreement and the Beibu Bay Fishery Cooperation Agreement which came into force on June 30, 2004, and agreed to continue to carry out the two agreements earnestly in a bid to maintain law and order at sea and for fisheries.

China and Vietnam also agreed to carry out cooperation in cross-border exploration of oil and gas in the Beibu Bay and start joint patrol there as early as possible, said the statement.

They agreed to open talks on the demarcation of the sea areas beyond the mouth of the Beibu Bay as early as possible, it added.

The two sides highly appreciated the trilateral agreement signed last March by oil companies from China, Vietnam and the Philippines to jointly tap the oil and gas resources in the South China Sea, believing that it will have a positive impact on regional cooperation and stability, neighborliness and mutual trust.

In the statement, the two sides agreed to maintain the maritime negotiation mechanism and seek basic and durable solutions acceptable to both sides through peaceful negotiations.

The two countries said they will study the possibility of carrying out joint development projects in the South China Sea and find the right modes and areas for such projects in accordance with international law and practices.

They also pledged to abide by the consensus reached by top leaders of the two countries and follow the tenets and principles contained in the Declaration on the Conduct of Parties in the South China Sea, which was signed on Nov. 4, 2002 in Phnom Penh, Cambodia between China and the Association of Southeast Asian Nations, to safeguard stability in the area.

Source: Xinhua