Economic and trade cooperation between China and Iceland faced broad prospects, visiting Chinese State Councilor Chen Zhili said on Thursday, according to news from Reykjavik, capital of Iceland.

Chen made the remarks during her meeting with Icelandic Prime Minister Geir Haarde.

Since the diplomatic relationship was established 35 years ago, bilateral ties between China and Iceland had developed fast and had witnessed continuous exchanges of visits by leaders of the two countries.

There had also been a smooth development of economic and trade ties as well as exchanges in such fields as science, technology, culture, education and tourism, she said.

Iceland was the first West European country that recognized China's status as a complete market economy and the first European country that completed research with China on the feasibility of establishing a free trade zone, said the Chinese leader, expressing China's appreciation.

She praised Iceland's prominent economic construction and successful restructuring of its industry from a single fishing to multi-faceted economy.

Talking of broad prospects for economic and trade cooperation between the two countries, Chen pledged that China would make joint efforts with Iceland to promote their ties based on equality, mutual respect and benefit, as China attached great importance to friendly cooperation with Iceland.

Meanwhile, Haarde expressed his admiration of the fast development of the Chinese economy, adding that international cooperation was necessary for the greater development of the Icelandic economy.

Reiterating Iceland's one-China policy, Haarde expressed his willingness to boost mutually-beneficial cooperation with China.

Chen also held talks with Thorgerdur Katrin Gunnarsdottir, Minister of Education, Science and Culture of Iceland, on boosting bilateral cooperation in such fields as education, science and culture.

Source: Xinhua