China and Syria sought to deepen bilateral economic and trade cooperation as the two-day meetings of the Third Sino-Syrian Joint Committee wrapped up deliberations on Tuesday.

On a signing ceremony at Syria's Ministry of Economy and Trade, visiting Chinese Assistant Minister of Commerce Chen Jian and Syrian Deputy Minister of Economy and Trade Ghassan Habash signed the minute of the committee and six cooperation agreements.

Chen said both countries were satisfied with the development level of economic and trade cooperation during the last three years as bilateral trade volume reached nearly US$1.5 billion in 2006, which doubled the figure in 2004.

Both sides hoped the volume would rise to US$3 billion within five years, he added.

Chen, who arrived in Damascus, Syria, on Sunday heading a Ministry of Commerce delegation for a four-day visit, also announced that the Syrian government has officially recognized China's market economy status.

Syria thus becomes the 74th country that recognized China's market economy status, according to the Ministry of Commerce.

"The recognition indicated that both Syria and China would develop bilateral economic and trade relations in accordance with the World Trade Organization standards, which is bound to have a positive impact on future economic cooperation between the two countries," Chen told Xinhua.

"Syria is an important Arab country and the Chinese government attaches great importance to developing trade and economic cooperation with it," noted Chen.

Meanwhile, Chen also pointed out that China and the Arab countries have formed sound economic and trade cooperation and established mature operation mechanism.

He said there were ongoing talks between China and some Arab countries on the establishment of free trade zones as cooperation between China and the Arab countries has followed the win-win model.

On Monday, Chen Jian held talks with Syrian Deputy Prime Minister for Economic Affairs Abdullah al-Dardari and Minister of Economy and Trade Amer Husni Lutfi.

The two sides focused on reviewing bilateral cooperation in various fields, especially in industry, information, petrochemical, food, textile and construction of power plants.

They also discussed cooperation prospects in telecommunications, water and sewage treatment, infrastructure construction, joint-venture banks, and setting up of joint universities and research centers.

(Xinhua News Agency June 27, 2007)