The China Chamber of International Commerce (CCOIC) Tianjin Chamber of Commerce and the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) reached a memorandum of understanding on Tuesday on promotion of trade cooperation between the two parties.

The MoU was signed by Chairman of CCOIC Zhao Xueming and UMFCCI Chairman U Win Myint on behalf of respective parties.

Attending the signing ceremony were visiting Zhang Gaoli, member of the Political Bureau of the Communist Party of China Central Committee and party chief of China's Tianjin municipality, Myanmar Minister of Commerce Brigadier-General Tin Naing Thein andChinese Ambassador Guan Mu.

Tin Naing Thein said the MoU would promote the economic and trade cooperation between the two countries as well as between the two chambers.

He also noted that China is Myanmar's second largest trade partner and the largest border trade partner. China also stands the fourth largest foreign investor of Myanmar.

Disclosing that the UMFCCI has initiated business agreements with eight main Chinese counterparts, Tin Niang Thein extended welcome to Chinese tourists to visit Myanmar and businessmen to make more investment in the country.

According to Tin Naing Thein, Myanmar-China bilateral trade hit US$2.37 billion in the fiscal year of 2007-2008 which ended in March.

Zhang arrived on Tuesday morning on a three-day friendly visit to Myanmar at the invitation of the State Peace and Development Council.

Prior to the signing, Yangon Mayor Brigadier-General Aung TheinLin met and hosted Zhang and his entourage.

(Xinhua News Agency November 19, 2008)