BEIJING, Nov. 18 (Xinhuanet) -- As the world approaches into the 21st century, the China-Chile economic and trade cooperation has grown with an amazing speed.

    In recent years, the two-way trade and economic exchanges between China and Chile have become a sparkling spot in Asia and Latin America, arousing much attention and interest.

    Along with the fast-growing Chinese economy and a vigorous demand from the international market, the trade cooperation between China and Chile expands rapidly on a yearly basis.

    According to the latest statistics from China's General Administration of Customs, the overall bilateral trade volume between China and Chile in 2003 exceeded 3.5 billion US dollars, among which China's exports stood at 1,283 million dollars and imports 2,245 million dollars, up 37.6 percent, 28.6 percent and 43.3 percent respectively, over the previous year.

    Statistics also showed that the Sino-Chile trade volume in the first nine months of this year topped 3.88 billion dollars, increasing by 53.6 percent from a year earlier, with China's exports and imports growing by 32.1 percent and 65.8 percent to 1,217 million dollars and 2,666 million dollars, respectively.

    Records from Chile's Central Bank also showed that the bilateral trade of this year's first nine months has exceeded thatwith Japan, making China the biggest trading partner of Chile in Asia.

    At present, Chile is China's third largest business partner in Latin America, while China becomes Chile's third largest partner globally and its biggest copper importer.

    Among the import and export products, textile, clothes, pottery,raw materials for chemicals and medicines, electric machines and other light industrial products account for most of China's exports to Chile, while copper products, paper pulp, saltpeter, fishmeal, wood, red wine and seaweed are Chile's main export itemsto China.

    In March 1994, the Chinese and Chilean governments signed a trade agreement encouraging and protecting bilateral trade and investment. Ten years later, China has now established 19 enterprises in Chile, with investments exceeding 24 million dollars.

    Looking back at the great improvements in Sino-Chile trade relations, the remarkable progress was mainly attributed to several factors.

    Firstly, Chile is the first country in Latin America to establish diplomatic ties with China and the first country in thatregion to finish the WTO entry negotiation with China as well. For34 years, the two countries have always maintained a good relationship in political, economic and many other aspects.

    Also, both being developing countries, Chile and China share the same desire to further develop their economies and look for a global market. They face similar problems and challenges in an increasingly global world, thus finding it imperative to establishand enhance a comprehensive economic cooperation.

    Secondly, the economies of China and Chile complement each other greatly, especially in agriculture, core mines and travelingindustries.

    The two governments are now negotiating on expanding trade in agricultural products. The Chinese government is planning to select Chile as another tourism destination for Chinese citizens.

    Thirdly, the joint efforts of both governments and enterprises to explore new markets for the two countries and diversify export products constitute another important stimulus for bilateral trade.

    While Chile is holding the Asia-Pacific Economic Cooperation (APEC) forum this year, the two countries are paying greater attention to strengthening their economic ties.

    During an interview with Xinhua, Hernan Somerville, chairman ofthe Chilean Banks Association, reiterated the importance of signing a free trade agreement with China.

    "As a major political power, China is increasingly strengthening its economic power as well," he said. He believed that trade between the two countries will enjoy a bright future and have a lot of potentials to explore.

    Somerville said he is looking forward to seeing both parties forging closer economic ties. Enditem