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India-China bilateral trade projected at $100 bn by 2015

Trade volume between the two emerging economies shrank in 2012 as India's exports to China fell 16 % mainly due to a 30 % export duty levied on iron ore shipped abroad

Dillip Kumar Satapathy  |  Bhubaneswar 

The two-way trade between India and China is expected to touch $100 billion by 2015, 50.6 % higher than $66.4 billion recorded in 2012.

"Our target for bilateral trade between India and China is $100 billion by 2015 compared to $66.4 billion in 2012. Trade volume between the two countries had declined to $66.4 billion from $73.9 billion in 2011”, Zhang Lizhong, Chinese consul general in Kolkata said during an interactive session organized here by the Indian Chamber of Commerce (ICC).

Trade volume between the two emerging economies shrank in 2012 as India's exports to China fell 16 % mainly due to a 30 % export duty levied on iron ore shipped abroad. Imports of power and telecom equipment from China also saw a downtrend in 2012.

Talking on the Chinese economy, Lizhong said, “In 2013, we hope to maintain a stable and relatively fast economic growth of 7.5 %. Our focus is on quality and efficiency, not speed. But this is also for the first time in the last 10 years that our growth rate will be slower than eight %.”

He said China also had plans to double its GDP size by 2020 compared to $6.04 trillion in 2010.

Lizhong said, energy savings, infrastructure, tourism, information technology and agriculture are the possible areas of cooperation between Indian and China.

"In 2012, 136,000 Chinese tourists visited India in 2012, an increase of 15.2% over the last year. Odisha offers a vast scope for pulling Chinese tourists because of its huge potential for Buddhist tourism”, he added.

Commenting on tie-up in the agriculture sector, Lizhong said, “In 2006, India and China signed a memorandum of understanding (MoU) for cooperation in agriculture and allied sectors. Odisha is also keen to collaborate with us for hybrid rice technology.”

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First Published: Mon, April 15 2013. 17:31 IST
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