India, China set target of $100 bn trade by 2015
New Delhi, December 17, 2010
India and China have set a new bilateral trade target of 100 billion USD by 2015 and agreed to establish a Strategic Economic Dialogue to enhance macro-economic policy coordination and address economic challenges.
They signed six pacts including an agreement and five Memoranda of Understanding (MoUs) for trade and economic cooperation after talks between visiting Premier Wen Jiabao and Prime Minister Manmohan Singh.
An India-China CEOs Forum has also been established to deliberate on business issues and make recommendations on expansion of trade and investment cooperation.
India expressed to China to correct the trade imbalance between the two countries, a Joint Communiqué issued after the talks said.
The two sides had agreed to take measures to promote greater Indian exports to China with a view to reducing India’s trade deficit.
India will provide support in China’s national and regional trade fairs, advancing of trade facilitation, enhancing exchange and cooperation of pharmaceutical supervision, stronger relationships between Chinese enterprises and Indian IT industry and speedier completion of phyto-sanitary negotiations on agro products.
They also agreed to expand cooperation in infrastructure, environmental protection, information technology, tele-communications, investment and finance to draw on each other’s strengths and pursue mutual benefit and win-win results.
It was decided to encourage more mutual investment and project contracting cooperation between businesses of the two countries, appropriately handle economic and trade frictions and differences and jointly oppose protectionism in all forms.
The two sides also signed a MoU between the Reserve Bank of India and China Banking Regulatory Commission to increase banking and financial cooperation and agreed to grant permission to the banks of the other country to open branches and representative offices.
Source: http://www.sarkaritel.com/news_and_features/december2010/17india_china_trade_target.htm