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India, China aim to better trade ties
Wednesday, 04 August 2004, 19:30 IST
NEW DELHI: Indian and Chinese corporates Tuesday launched a major push to better trade relations by banking on roaring economies in the two countries after looking at each other as rivals for years.
Shao Qiwei, leader of a 100-member Chinese delegation visiting India for the one-day India-China Business Conclave, said the trade volume between the two countries was bound to increase rapidly over the next few years.
"The Chinese government attaches great importance to developing trade and economic cooperation with India," Qiwei told the inaugural session of the conclave, organised by the Confederation of Indian Industry (CII).
"The government also strongly encourages Chinese enterprises to go global and seek opportunities of cooperation and development and explore markets in our friendly neighbours including India," he said.
Qiwei, who is the vice governor of Yunnan province in China, said the Indian government had also started rendering strong support to bilateral cooperation between India and China.
"Sino-Indian cooperation has not only achieved new breakthroughs in the field of trade but also expanded to various sectors of economy and society," he told Indian and Chinese business leaders.
In recent years, frequent exchanges of high-level visits between China and India have enhanced the friendship between the two countries and promoted bilateral trade and economic cooperation.
Former Indian prime minister Atal Bihari Vajpayee paid an official visit to China in June 2003 at the invitation of Chinese Premier Wen Jiabao.
Trade volume between India and China stood at a meagre $260 million in 1990. This has grown to $5 billion in 2002 and $7.6 billion in 2003 on the back of a booming economy in both the countries.
In the first five months of the current year, bilateral trade touched $5.45 billion and is expected to cross the target of $10 billion by end of 2004.
India and China have emerged as the two fastest growing economies in the world with the gross domestic product of 8.2 percent and 9.1 percent respectively in 2003.
Major exports from China to India are telecom equipments, organic chemicals products, textiles, medicinal products, electric power generation equipment, coal and coke, raw materials for textile and metal products.
India exports iron ore and other metal minerals, plastic products, iron and steel products, organic chemical products, textiles, non-metallic minerals, medicinal products, sea products and leather.
"There exist enormous economic complementarities and development potential between China and India," said Qiwei.
"Of course, we have also noted that certain difficulties and problems still exist in bilateral trade and economic cooperation," he added.
The official said mutual understanding and support from the governments and the business communities of both countries were needed to address difficulties and problems.
"Governments of two countries should work out appropriate economic and trade policies to further support and promote bilateral economic and trade cooperation," he said.
E.V.K.S. Elangovan, India's minister of state for commerce and industry, said there was great potential for India and China to work together in a wide spectrum of industrial sectors.
"While considerable improvement has happened in Indo-China trade, yet there exists great scope for touching new heights," he said.
Source: IANS
Source: IANS