Xinhua | August 31, 2006

China, Cyprus sign agreement on economic cooperation

China and Cyrus signed an economic cooperation agreement on Wednesday, pledging to strengthen and develop bilateral cooperation in the sectors of trade, research, science and technology.

The agreement was signed by Assistant Minister of China’s Ministry of Commerce Chen Jian and Cypriot Minister of Finance Michalis Sarris at the end of the fifth session of the Cyprus- China Intergovernmental Economic Committee on Economic Cooperation.

Chen, who arrived on Sunday for the occasion, said that "the Chinese government has always remained committed to developing trade relationships with Cyprus," adding "China will import new products from Cyprus and especially red wine."

The two sides also agreed to increase two-way investment and improve cooperation in service and trade sectors, Chen said, adding the two sides realized that there is a great potential for cooperation in the area of tourism.

For his part, Sarris said he was delighted over the signing of the agreement, saying that "we look forward to this agreement providing further impetus to stronger economic ties" between the two countries.

Trade relations between China and Cyprus have witnessed a rapid development in the past few years, with trade volumes reaching 300 million U.S. dollars in 2005, up 52 percent over the previous year.