A joint communiqué issued after talks between Prime Minister Manmohan Singh and Chinese Premier Wen Jiabao said that India and China today agreed to raise the bilateral trade to USD 100 billion by 2015, step up investments and permit banks of other countries to open branches and representative offices.
Of late, China has become India’s largest trading partner though the balance of trade is in favour of China. Both countries agreed to take measures to promote greater Indian exports to China with a view to reduce India’s trade deficit.
The bilateral trade between India and China is expected to be around USD 60 billion in 2010. The bilateral trade imbalance was against India to the extent of USD 19 billion during 2009—10.
China agreed to support Indian participation in its national and regional trade fairs, enhance exchange and cooperation of pharmaceutical supervision and expedite completion of phytosanitary negotiations on agro products.
Last Update Friday 17th December 2010