New Delhi, Oct 10: India's trade with China will
touch the 100-billion dollar mark in the next five years,
coming close to bilateral trade target with the European Union
by 2013.
The bilateral trade with China is expected to cross 50
billion dollar in the fiscal ending March 2009, much ahead of
the target.
"Three years ago we were looking at a target of 40
billion dollar bilateral trade by 2010," Commerce Secretary G
K Pillai said here.
European Union, with which India is negotiating a free
trade agreement, is presently the country's largest economic
partner with 56 billion euro trade. The India-EU Summit at
Marseilles (France) set the target of 100-billion euro in the
next five years.
Pillai was talking to reporters on the occasion of
signing a memorandum of understanding (MoU) on trade remedy
cooperation mechanism with China here. The MoU is meant to
ensure transparency in implementation of anti-dumping
measures.
A 60-member Chinese delegation, led by Vice Minister Gao
Hucheng, is here for forging business contacts.
"We are expecting they will sign business worth hundreds
of millions of dollar," Pillai said.
Meanwhile, the Federation of Indian Export Organisations
will be setting up an 'India Pavilion' at the China Import and
Export Fair scheduled from October 15-19 in Guangzhou.
A 60-member delegation of Indian businessmen would be
showcasing products from handicrafts, home decor and hand
tools and IT at the fair.
India needs to diversify its exports basket to bridge the
trade deficit of 9.159 billion dollar in 2006-07, FIEO said.
Bureau Report
First Published: Friday, October 10, 2008, 00:00