Vietnam, China agree on settling territorial differences at sea

HANOI, April 22 (Itar-Tass) -- Vietnam and China have agreed to
conclude an agreement on the basic principles of settling territorial
differences at sea, the local press reported on Friday with reference to
spokesperson for the Vietnamese Foreign Ministry Nguyen Phuong Nga.
According to him, the agreement was reached at a meeting between
Vietnamese Prime Minister Nguyen Tan Dung with Chinese Deputy Foreign
Minister Zhang Zhijun which was held in Hanoi this week. "The sides
expressed readiness to speed up preparations of an agreement on
fundamental principles of settling differences at sea which will become a
foundation for solving mutual claims in the South China Sea in accordance
with the UN Convention and the Code of the Conduct in the South China
Sea," the press cites the spokesperson of the Vietnamese Foreign Ministry
as saying.
This document, the time of signing of which has not been defined yet,
will open the way for solving the conflict of many years between Vietnam
and China over the belonging of the Spartly Archipelago and the Paracel
Islands. According to experts' estimates, considerable reserves of oil and
mineral raw materials are concentrated on their shelf.
Taking into account the fact that Vietnam and China come out as the
main parties in the dispute on the belonging of these territories, the
conflict in the South China Sea is of multinational character. Brunei,
Malaysia, Taiwan and Philippines also lay claims to the Spratly
Archipelago and the Paracel Islands.