A China and Russia seminar in Guangzhou on Monday discussed how to strengthen regional cooperation in bilateral economic and trade exchanges.

 

The seminar was one of the eight programs of the "Year of Russia" in China, hosted by the Chinese Foreign Ministry and the Chinese People's Association for Friendship with Foreign Countries (CPAFFC).

 

Senior officials of the Russian Federation Council (upper house) and more than 150 entrepreneurs in such fields as light industry and high technologies attended the seminar.

 

Dmitry Mezentsev, vice chairman of Russian Federation Council, said the seminar is of great significance in promoting China-Russia economic and trade cooperation.

 

He said the two countries have rapidly expanded regional economic and trade cooperation beyond the border areas of both countries which have so far dominated bilateral trade exchanges.

 

Chen Haosu, president of CPAFFC, said China and Russia have great potential for economic and trade cooperation. Bilateral import and export volume was US$5.7 billion in 1999 and in 2005 the number soared to US$29.1 billion, he said.

 

However, Chen said trade volume with Russia could be great as it now only accounts for 2 percent of China's total foreign trade volume.

 

China-Russia economic and trade cooperation is undergoing a transition period, said Chen, adding China will further expand cooperation between Russia and China's booming coastal areas.

 

The seminar also introduced the Siberian Federal District of Russia to Chinese enterprises, a district with rich natural resources.

 

(Xinhua News Agency May 23, 2006)