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India and China to double bilateral trade

It is all bhai-bhai in business between China and India too.

November 22, 2006

India and China have set a target of doubling their trade to $40 billion in four years. Chinese President Hu Jintao, who is touring India found support from Prime Minsiter Manmohan Singh who agreed that a comprehensive economic and commercial engagement will receive the two nations’ urgent attention. The two leaders also agreed to work toward a resolution of their four-decade-long border dispute.

The focus of the summit between two of the world's fastest growing economies was on deepening their trade and commercial engagement. India and China have often found themselves at odds over securing energy and natural resources needed to drive their growth. The two sides have agreed to request a joint task force to expedite a study on the feasibility of a regional trade arrangement. 

India and China have also decided that the resolution of their border dispute would be pursued as a common strategic objective. The border dispute has all along been a major headache for both the countries and several rounds of talks to resolve the dispute have been held earlier too.

As many as 13 pacts on political and economic cooperation were signed on Tuesday. The two national leaders also unveiled a 10-pronged strategy to upgrade their strategic partnership during the first visit by a Chinese head of state to India in 10 years. 

The agreements included those relating to cooperation in trade, commerce, science and technology, energy, agriculture, human resources and education. An investment promotion and protection deal, joint scientific initiatives and opening new consulates in Kolkata in India and Guangzhou in China were also part of the accords. 

Hu will also visit Mumbai, where he is to participate in a summit with Indian business leaders.


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