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India, China should set up new bilateral trade target of USD 100 bn by 2020: Xi to Modi

Press Trust of India  |  Qingdao (China) 

today suggested that the two countries set up a new bilateral trade target of USD 100 billion by 2020 as is looking at importing non-rice as well as sugar to address the trade deficit.

Modi had detailed discussions with Xi on bilateral and global issues on the sidelines (SCO) summit here.

Modi said his meeting with Xi today would add further vigour to the India-friendship after their first informal summit at in April.

Addressing a press briefing here, said that Xi suggested to Modi that and should set up a new bilateral trade target of USD 100 billion by 2020.

The India-bilateral trade reached USD billion last year, according to data of the in March.

The bilateral trade in 2017 rose by 18.63 per cent year-on-year to reach USD billion. This is regarded as a landmark, as the volume of bilateral trade for the first time touched USD 80 billion, well above the USD 71.18 billion registered last year, it said.

The two countries had earlier set a bilateral trade target of USD 100 billion by 2015.

Gokhale said that has allowed China's state-owned to open its branch in

"There were some discussion on trade and investment related issues. And in that context Xi told Modi that China is looking at enhancing agricultural exports from including non-rice and sugar," Gokhale said.

An agreement was signed between China's General Administration of Customs and India's Department of Agriculture, Cooperation and Farmers Welfare on Phytosanitary requirements for exporting rice from India to China, one of the world's biggest rice markets.

The on Phytosanitary Requirements for Exporting Rice from India to China has been amended to include the export of non-varieties of rice from India.

At present, India can only export Basmati rice to China.

A couple of business delegations from India and the have visited China in the recent months and it is hoped that this will lead to additional imports from India this year, he said.

"The Chinese side also said that it will encourage our companies to register for high quality Indian in the Chinese market. This was an important aspect from our perspective because we have been pressing for greater pharma exports into the country," the said.

In response to the president's suggestion for enhancing financial cooperation between the two countries and also helping trade, the Prime Minister conveyed to President Xi India's readiness to permit the to establish its branch in Mumbai," Gokhale said.

China has been promising to address the issue of trade deficit with India which has been seeking a greater market access for its goods and services in China.

Trade deficit with China stood at USD 36.73 billion during April-October this fiscal.

India's trade deficit with China has marginally dipped to USD 51 billion in 2016-17 from USD 52.69 billion in the previous fiscal.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sat, June 09 2018. 23:30 IST