$189 mn of China's imports MoUs between Indian and Chinese firms

$189 mn of China's imports MoUs between Indian and Chinese firms New Delhi: Industry association FICCI and the China Chamber of Commerce for Import and Export of Machinery and Electronic Products (CCCME) Monday signed an agreement to boost cooperation between industrial and export entities of the two countries.

Nine other MoUs entailing import worth USD 189 million from India were also signed here at the "India-China Entrepreneurs Dialogue" organized by FICCI and CCCME.

Most of the MoUs were signed by the China National Light Industrial Products Import and Export Corporation with various Indian companies.

The China Hi-Tech Group Corporation signed an MoU with India's Cotton Textiles Export Promotion Council for purchase of cotton yarn.

Addressing the business forum the visiting Chinese Commerce Minister, Deming Chen, said, "We want to buy more from India to have a more balanced trade. We encourage Indian business to promote their products in China."

Chen said that the newly formed joint working group (JWG) of senior officials of both countries will identify and chart out the future direction of two-way trade and investment cooperation.

India's Commerce Minister Anand Sharma said that his Chinese counterpart "has shown a keen sense of understanding and recognition of India's sensitivities with regard to the continuing trade imbalance against India."

Sharma also informed the Indian and Chinese entrepreneurs present at the meet that the JWG set up will look at the methodologies and trade data and come up with ways to balance the bilateral trade within a period of three months.

IANS