| Norwegian Prime Minister Jens Stoltenberg visits China |
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| Sunday,May 20,2007 Posted: 23:52 BJT(52 GMT) Chinadaily |
Norwegian move paves way for trade ties
In his latest visit to China, Norwegian Prime Minister Jens Stoltenberg represented his country not just as its leader, but as its publicist.
While he was here, Stoltenberg took the first step toward a free trade agreement (FTA) with China.
The two countries signed a memorandum of understanding last week granting China market economy status and the two sides agreed to launch a feasibility study on FTA as soon as possible.
China is not recognized as a full market economy by other countries as it joined the World Trade Organization in 2001, so it must negotiate for this status. Norway is the 69th nation in the world to give China market economy status and the second to do so in Europe after Iceland.
Officials and academics said the move would benefit both countries.
China's Ministry of Commerce said in a statement that the nation was highly appreciative of the Norwegian government's move and believed it would create a better environment to strengthen bilateral economic and trade relations.
"It (Norway granting market economy status to China) is very good news," said Fan Ying, a professor at the Foreign Affairs College.
After reaching a consensus with dozens of developing countries, China is striving to make more breakthroughs with developed countries. An influential nation in northern Europe, Norway is expected to set a precedent for other European countries.
Fan said that since its accession to the World Trade Organization, China has sought all-round international trade relations not just targeting traditional markets.
"The possible FTA talks with Norway reflect a move to strengthen the relationship with northern European markets," she said.
And if the two countries can complete the joint study and the FTA talks progress smoothly it would provide a significant boost to bilateral trade.
Sino-Norwegian trade reached $2.95 billion last year. Chinese consumer goods have touched the lives of Norwegians, while Norwegian firms, advanced in the metallurgy, petrochemical and oil sectors, have much to offer China in terms of trade and technology.
"China's cooperation with Norway still has great potential given the two countries' economic power and total trade volume," Chinese Commerce Minister Bo Xilai said last September during a visit to the country.
Bo expected the two countries to improve cooperation in sectors such as shipbuilding, tunnel engineering and infrastructure construction.
The talks could benefit the northern European country, given the size of the Chinese market, Fan said.
Aside from the trade of goods, both nations offer investment opportunities.
Norway is attractive for Chinese firms due to its stable and open economy, abundant natural resources and advanced research and technology in certain sectors.
And as China encourages companies to go abroad, investing in Norway is becoming a greater possibility, said Sun Liwei, an official with the Chinese embassy in Norway.
He said potential Chinese investors should look at how to take advantage of unique local resources, use advanced technology and less labor-intensive techniques.
He advised investors to set their sights on the resources sector and technology cooperation in areas such as ocean engineering, environmental protection and telecommunications.
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Bilateral Visits
