The bilateral trade between India and China is set to cross $10 billion dollar this year with China replacing Japan as India's number one trade partner in northeast Asia. | |
| "We should maintain trade growth rate and focus more on areas like tourism, healthcare, textiles, technology - hardware and software and manufacturing, " E V K S Elangovan, Minister of State for Commerce and Industry said at a Confederation of Indian Industry (CII) business conclave on Tuesday. |
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| Elangovan added that the present level of trade between the two nations was not commensurate with the existing potential. |
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| Meanwhile, Chinese delegates expressed concerns over the favourable terms of trade in favour of India. |
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| "At present, Indo-China trade is in favour of India at $ 1.7 billion which is natural. This imbalance will straighten in next few years," Wang Jinzhen, assistant chairman of China Council for Promotion of International Trade (CUPID) said. |
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| "This year, Sino-Indian trade has shown a stronger growth momentum with the trade volume reaching $6.67 billion in the first six months of the year, an increase of 93.1 per cent over the same period last year," Sao Qiwei, leader of the Chinese delegation said. |
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| Meanwhile, three memorandum of understandings (MoU) were signed between the two nations. |
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| The first MoU was between Mumbai-based Dossa Chemicals and Yunnan Malong industry group whereby the former would import at least 8,000 tonnes of phosphorous and phosphorous-based products from China per annum. |
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| The second MoU was between Central Silk Board and Yunnan Mengzi Meiyu Silk where a reeling facility will be set up in Karnataka with an annual capacity of 60 tonne at an investment of Rs 80 crore. |
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| "The new facility will produce yarn of international standard and will to some extent help meet the domestic requirement," Central Silk Board CEO P Joy Oommen said. The silk board would facilitate setting up of the plant. |
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| The third agreement was signed between CII and CCPIT to renew the existing relationship with regard to promoting bilateral trade between the two countries. |
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