BEIJING, June 24 (UPI) -- Chinese Vice Premier Wu Yi says Russia and China need to work together to upgrade trade ties and advance economic development, China Daily reported.
Wu, speaking Thursday at the opening ceremony of the Russian Business Day in Beijing, said, "China's plan of revitalizing its northeast's traditional industries and Russia's strategy of exploring its far-east and Siberian region mean ample opportunities, and have complementary advantages."
"They offer huge development potential that should be made full use of by the two sides, in a bid to push bilateral cooperation to a new high," said Wu.
While both China and Russia enjoy a strategic partnership, Wu said, they should increase trading of electronic and high-tech products in order to improve trade relations. Wu also suggested that the key to upgrading border trade between the two nations would be to increase technological and investment cooperation in areas like agriculture, forestry, textiles and electronic manufacturing.
Already China is Russia's fifth largest trading partner, while Russia is China's eighth largest trading partner. Wu said that bilateral trade volume was likely to reach as high as $80 billion by 2010.
