Russia and China to sign 17 bilateral documents in November

Russia and China are planning to sign 17 bilateral agreements in various spheres during the Russian prime minister's visit to China on November 9-10.

Russian Prime Minister Mikhail Fradkov will use a visit to Beijing this week to expand further already booming trade with China, particularly in the energy sector.

'Our economic and trade relations are continuing to rise... we are happy to see the trade volume growing by 25 pct so far this year,' Deputy Prime Minister Alexander Zhukov told journalists.

'Premier Fradkov's visit... is still under preparation but the main theme of course is going to be on pushing forward economic and trade cooperation.'

Bilateral trade hit 30 bln usd in 2005 and if current growth trends continue, Russia and China will likely realize a target of 50 bln usd in annual trade by 2009, a year ahead of schedule, he said.

The two sides will also sign a framework agreement on cooperation in the oil industry as well as an electric supply agreement, Zhukov said without going into specifics, AFP reports.

The target of increasing trade between Russia and China to $60 million - $80 billion by 2010 can be attained after bilateral trade relations enter a new stage, Zhukov said.

"Our countries' economic relations must be given a new quality worthy of the new role China and Russia are playing in world economy," Zhukov said in an interview with the Interfax-China agency.

Record growth rates, demonstrated in trader each year, are the most vivid sign of progress in Russian-Chinese trade and economic relations. In 2005 bilateral trade expanded by 37.1% (or $29.1 billion) - a result one can be proud of," the deputy prime minister said.

Zhukov also said that the two countries projected trade at $10 billion back in the 1990s and reached this mark in 2001, Interfax reported.

Source: agencies

Prepared by Alexander Timoshik

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Author`s name Alex Naumov