China and the Pacific island countries working for closer economic ties

China and the Pacific island countries on Wednesday in Nadi joined hands in forging closer economy and trade ties under a framework guiding their economic development and cooperation.

The China-Pacific Island Countries Economic Development and Cooperation Guiding Framework was signed here after the opening ceremony for the First Ministerial Conference of the China-Pacific Island Countries Economic Development and Cooperation Forum.

Under the Framework, China and the Pacific island countries will endeavor to conclude and actively implement bilateral trade agreements consistent with international trade rules on the basis of equality and mutual benefit.

China and the Pacific island countries will take the consultation mechanisms established within the Forum as a platform for facilitating their companies, thereby fostering a favorable trading environment.

Support will be rendered to participating countries to hold specific product/service expositions and conduct other forms of cooperation to expedite the entry of their products and services into the markets of each other participating country.

China and the Pacific island countries agreed to promote communications among their organizations and institutions, such as chamber of commerce, guild and forum of entrepreneurs. And information exchanges about markets, commodities, services and trade will be enhanced in order to increase bilateral trade.

On investment, efforts will be made to improve the investment climate of China and the Pacific island countries, and establish a legal framework which is conducive to investment promotion and protection.

Measures will be made to encourage and facilitate enterprises to make investment and conduct cooperation in the fields of common interest and, through the establishment of all kinds of enterprises, make contributions to the economic development of China and the Pacific island countries.

Advanced information technology will be utilized to facilitate the exchange of trade and investment-related information between enterprises of China and the Pacific island countries.

As to cooperation in finance, China and the Pacific island countries agreed to exchange experiences in the financial services sector, including banking and insurance.

And cooperation between the Chinese financial institutions, including banking and insurance enterprises, and their counterparts in the Pacific island countries will be enhanced.

The two-day Forum conference, with the theme of "Promoting Cooperation for Common Development," was co-sponsored by the governments of the People's Republic of China and the Republic of Fiji Islands.

Source: Xinhua