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Chinese, Japanese Trade Ministers
Reach Consensus on Bilateral Trade

Chinese and Japanese trade ministers Wednesday expressed hope for increased bilateral trade and economic cooperation between the two countries.

Chinese Minister of Foreign Trade and Economic Cooperation Shi Guangsheng and Japanese Minister of Economy, Trade and Industry Takeo Hiranuma held talks Wednesday while attending the Asia- Pacific Economic Cooperation (APEC) Ministerial Meeting, and reached a consensus on a number of issues related to bilateral trade and economic cooperation.

The two sides agreed that China and Japan are important trade partners, and the two countries' economies are highly mutually complementary and have great potential for cooperation.

In recent years, with the joint efforts from the two countries, bilateral trade and economic relations have made rapid development, and it is in the long-term interest of the two countries to enhance their trade and economic cooperation, the ministers said.

The two sides are willing to continue to make joint efforts to expand their trade and economic cooperation beneficial to both.

While the two countries' trade keeps expanding, problems and disputes are hardly avoidable in bilateral trade, said the two ministers. However, in view of safeguarding the two countries' relations of bilateral trade and economic cooperation, the two sides are willing to solve relevant problems through consultations, in line with rules of the World Trade Organization.

To avoid or reduce trade disputes, the two sides agreed to strengthen the existing consultation mechanism for bilateral trade, and hold regular or non-regular consultations to find appropriate and timely solutions to relevant problems.

The two sides expressed willingness to hold consultations of various forms as soon as possible to settle their dispute on farm produce trade.

(Xinhua News Agency 10/17/2001)

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