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China, SACM plan to forge free trade area
(Xinhua)
Updated: 2004-07-02 09:27

China and the South American Common Market is seeking opportunity to forge a free trade area.

In the fifth China-SACM dialogue held in Beijing during a SACM delegation's two-day visit since Wednesday, the two sides discussed the possibility of signing a free trade agreement, Chinese Foreign Ministry sources said.

The two sides expressed satisfaction to the achieved progress since dialogue was launched in 1997, vowing to further cooperation.

A communication team for the dialogue was also started during the meeting.

The common market, including Argentina, Brazil, Uruguay and Paraguay, has become China's major trade partner since it was founded in 1991 and officially launched in 1995.

The Sino-SAMC trade volume exceeded 11 billion last year with fast growth, according to Chinese customs.

Chinese State Councilor Tang Jiaxuan met the delegation led by Argentina State Secretary Martin Redrado. Vice Foreign Minister Zhou Wenzhong and Assistant to the Minister of Commerce Yi Xiaozhun held working talks with the delegation.

China has announced to establish free trade area with the Association of Southeast Asian Nations in the coming six years. A free trade agreement between China, Republic of Korea and Japan was also expected.

A free trade area feasibility research was jointly kicked off last May by China and New Zealand.

Chinese Premier Wen Jiabao proposed last September to forge free trade areas with member countries of the Shanghai Cooperation Organization, involving China, Russia, Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan.

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