New Delhi, Oct 10 (UNI) Commerce and Industry Minister Kamal Nath today said the trade between India and China in 2007-08 stood at 37.8 billion dollars, recording an increase of 47 per cent over 2006-07.
Meanwhile, Commerce Secretary G K Pillai also signed a Memorandum of Understanding (MOU) with China's Vice Minister Gao Hucheng on India-China Trade Remedy Cooperation Mechanism.
Interacting with Mr Hucheng, Mr Nath said, ''There are enormous opportunities for both India and China in expanding trade in services, particularly in construction and engineering, education, transport, entertainment, financial services, IT and IT-enabled services, tourism and health.'' Both sides discussed about holding the 8th Joint Economic Group (JEG) at a mutually convenient date. The 7th JEG meeting was held in March 2006.
After the opening of the third border trade point between India and China, the Chinese side has been looking for expanding the scope of trade through Nathu La.
In July last year, the Indian side proposed an addition of 24 more commodities tradable through Nathu La, mainly food items. In turn, the Chinese side proposed 36 commodities including machinery, motor cycles and electrical appliances.
The top sectors attracting FDI inflows (January 2000-March 2008) from China are trading, industrial machinery, mining, hotel&tourism and drugs and pharmaceuticals.
The top sectors attracting technology from China are metallurgical industries, chemicals (other than fertilisers), electrical equipment, industrial machinery and drugs and pharmaceuticals.
UNI BKS SG AS1850