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India-China set $100 bln trade target for 2015

Written by: Staff
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New Delhi, May 12 (UNI) India and China have decided to set a new target of 100 billon dollars to be achieved through bilateral trade by 2015.

Speaking at an interactive meeting on 'India China Trade -- 100 billion dollars by 2015' organised by the Confederation of Indian Industry (CII) here, CCPIT Vice Chairman Yu Ping said, he was happy that the target of 20 billion dollars for 2008 would be achieved by the year end, two years before the target date, and hoped that the two countries would be able to achieve the new target of 100 billion dollars by 2015.

He said that during the last ten years, China and India had developed into powerful economic forces in Asia but to take up the bilateral trade to a higher level some concrete steps would have to be taken.

Mr Ping called for lifting of trade barriers, further opening up of the market, and co ordination between the Government and entrepreneurs to accelerate the level of trade ties.

He said there were some restrictions in trade between the countries and hoped that the Chambers of Commerce and other similar bodies would take the initiative in sorting out these problems.

He stated that trade between the two countries had considerably improved but new areas of trade, besides natural resources, would have to be discussed such as engineering and construction sectors.

He urged upon the private sector to play a bigger role in facilitating this process.

Welcoming the delegates, CII past president and MD&CEO Hero Corporate Services Ltd Sunil Kant Munjal pointed out that some of the manufacturing sectors that had potential for co-operation were organic chemicals, plastics, pharmaceutical products, paper and paper products, pearls, precious and semi precious stones, electrical machinery, optical and medical equipment and precision engineering products.

He also mentioned that India could learn a lot from the Chinese in building global infrastructure.

UNI RA MP KN1821

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