India, China Ink Agreement on Industrial Parks

Monday, 30 June 2014, 11:06 Hrs
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BEIJING: India and China inked three agreements, including one to set up Chinese industrial parks in India. The agreements were inked in the presence of visiting Indian Vice President Hamid Ansari and his Chinese counterpart Li Yuanchao after their talks. The Indian cabinet had last week given in principle approval to the MoU for setting up Chinese industrial parks in India.

The MoU on Cooperation on Industrial Parks India is expected to facilitate more Chinese investment in India and help bridge the ballooning trade deficit, which stands at $35 billion a year.

The bilateral trade totalled $65.47 billion last year. Commerce Minister Nirmala Sitharaman held talks with her Chinese counterpart Gao Hucheng. She is believed to have flagged India's concerns over the trade deficit and sought greater access to Indian goods and services, which India has been pressing for some time time. Sitharaman is part of the delegation accompanying the Indian vice president. India is expecting China to set up four industrial parks in different states.

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Source: IANS
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