China, Philippines aim to double trade

China and the Philippines aim to double bilateral trade value to some 60 billion dollars within five years, the Chinese official Xinhua news agency reported. The two nations should “tap their cooperation potential, expand trade volume, optimize the composition of imports and exports,” to hit the trade target by 2016, Vice Premier Wang Qishan said at a business forum attended by Philippine President Beningo Aquino III. Bilateral trade reached 27.7 billion dollars last year, making China the Philippines’ third-largest trade partner. Aquino urged Chinese businesses “to take part in this opportunity to invest in an emerging economic force in South-east Asia,” the official Xinhua news agency reported. Aquino was scheduled to hold talks with President Hu Jintao later Wednesday on a five-day visit aimed at boosting trade and reducing recent tension between the two countries over disputed areas of the South China Sea. The two leaders planned to witness the signing of several trade and economic agreements following their talks. The visit comes months after tensions flared between Manila and Beijing over alleged incursions by China into Philippine-claimed areas around the disputed Spratly Islands in the South China Sea. Aquino said before leaving Manila that he believed the territorial spat would not sabotage efforts to improve bilateral ties, which he likened to a marriage. In March, the Philippines filed a protest with Beijing after a Chinese patrol vessel allegedly harassed a Philippine oil exploration ship in the Spratlys. China claims the entire Spratlys, which are believed to be rich in oil, mineral and marine resources. The islands are also claimed in whole or in part by Brunei, Malaysia, Vietnam and Taiwan.