India-China trade can touch $10 B in 3 years
NEW DELHI: "This commitment stems from the fact that the current level of trade and economic cooperation is not commensurate with the potential," said a press statement from the Confederation of Indian Industry (CII).
Trade and investment levels between New Delhi and Beijing are expected to receive a fillip during Indian Prime Minister Atal Bihari Vajpayee's six-day visit to China starting June 22.
Vajpayee will be accompanied by a high-level business delegation representing a wide spectrum of Indian industry, including IT, pharmaceuticals, automobile and engineering goods companies.
According to CII, issues like easing of visa procedures, increasing Indian media representation in China and spreading awareness of the "Made in India" label are key to strengthening ties between India and China.
"Limited information accessibility to Chinese regulations is often cited as a deterrent for Indian companies," it said, noting CII will launch a website on "India and China: Economic Cooperation" next week during Vajpayee's visit.
"Among the range of economic issues between India and China, the foremost is the narrow window of trade," the statement said.
The top five items of trade between India and China are primary or low value-added products, including iron ore, plastics and linoleum, ores and minerals, marine products and pharmaceuticals.
Indian imports from China include electronic goods, coal-coke, organic chemicals, silk, silver, drugs and pharmaceuticals.
"It is vital that India diversifies its exports to China and increases the number of intermediary and finished goods in its basket," said the lobby group.
Some high-demand Indian products for export to China include chemicals, steel, automotive components, medical and diagnostic products, processed food, software, engineering goods, shoes, garments and cosmetics, it said.
CII said it would launch a private sector "India-China CEOs Forum" to develop a focused agenda for action on greater economic cooperation between the two countries.
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