India, China Planning To Establish Air, Shipping Links

This was stated by T C A Rangachary, joint secretary, ministry of external affairs, at a meeting with the visiting business mission from the All China Federation of Industry and Commerce (ACFIC) organised by the Confederation of Indian Industry (CII).

Rangachary said the two sides were hopeful that the agreements would be concluded during the Chinese presidents visit to India slated for November 28.

An investment protection agreement is also being negotiated and the joint economic group is expected to meet soon. The government is trying to put in place necessary institutional infrastructure to promote bilateral trade, he said.

Rangachary said that Indian exports to China have seen an 83 per cent increase in the first six months of the current year, but there is still considerable potential, as the bulk of exports were in the low-value range.

 

He added there was great potential for enhancing trade in agro products, software, electronic components, chemicals, open cast mining equipment, jewellery, castor and soya oil among others.

The two chambers also signed a memorandum of understanding to increase trade and industrial partnership between the two countries.

Ranbaxy Laboratories Ltd CMD Parvinder Singh called for greater cooperation between Chinese and Indian business communities to enhance bilateral trade between the countries.

Singh said economic partnership between two neighbouring countries can help India become the fourth largest economy in the world by the year 2020.

There are many areas including power generation, iron and steel, pharmaceuticals, raw silk and agriculture in which business communities from both countries can join hands.