(Yicai Global) Nov. 7 -- German automaker Volkswagen will export around CNY62 billion (USD9 billion) in parts and vehicles next year to China under a new cooperation deal with FAW-Volkswagen, one of its joint ventures in the country.

The parties signed the deal yesterday at the China International Import Expo, which runs until Nov. 10 in Shanghai, according to a joint statement.

Under the deal, Beijing-based FAW-Volkswagen will purchase completely knocked down parts for the production of VW models as well as CKD parts from Audi. The company will also import fully built Audi models from the parent company for sale on the Chinese market. All deliveries will take place in 2019.

"This cooperation is further evidence of our strong joint venture and reflects also the solid Chinese-German trade ties," said Dr. Jochem Heizmann, president and chief executive of VW Group China. "With the memorandum, we are demonstrating our confidence in further solid growth of the automotive market in China."

Founded in 1991, FAW-VW is the German auto giant's second joint venture in China. The parties have cooperated on vehicle parts importing and purchasing since 2003.

Editor: William Clegg