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India, China sign BIPA, to take trade to 40 B Dollars by 2010

Written by: Staff

New Delhi, Nov 21: India and China today signed 13 pacts including the Bilateral Invsestment Protection Agreement (BIPA) and a Protocol on the Establishment of Consulates-General at Guangzhou and Kolkata.

The agreements were signed here today in the presence of Visiting Chinese President Hu Jintao and Prime Minister Manmohan Singh after their nearly three-hour talks.

The BIPA which was signed by Commerce Minister Kamal Nath and his Chinese counterpart Bo Xilai, provides for a framework for bilateral investment flows between the two countries, thereby creating favourable conditions for investors of one country to make investments in the other.

''This will send a positive signal to prospective Indian and Chinese investors and contribute to strengthening of the economic engagement between the two countries,'' officials said.

The agreement for establishing Consulates General at Kolkatta Guangzhou was signed by External Affairs Minister Pranab Mukherjee and his Chinese counterpart Li Zhaoxing.

This Protocol provides for an Indian Consulate-General in Guangzhou, with its consular district covering the seven Chinese Provinces of Guangdong, Fujian, Hunan, Hainan, Yunnan, Sichuan and Guangxi Zhuang Autonomous Region.

The Chinese Consulate-General in Kolkata will have its consular district covering the five States of West Bengal, Orissa, Chhattisgarh, Jharkhand and Bihar. This Protocol will help sustain, facilitate and promote greater engagement between India and China.

The Protocol on Cooperation between the External Affairs Ministry and the Chinese Foreign Ministry, signed by Mr Mukherjee and Mr. Li Zhaoxing, institutionalises the bilateral dialogue and consultation mechanisms between the two Foreign Offices and provides for establishment of a hotline between the two Foreign Ministers.

The Agreement on the Issue of Property of the Consulate General of India in Shanghai was also signed by Mr Mukherjee and the Chinese Foreign Minister. Under this Agreement, the Chinese side shall provide the Indian side with a plot of land measuring an area of 5,000 square meters, free of charge for the construction of the premises of the Consulate General of India, Shanghai.

The plot of land is provided to Indian side in lieu of the old Indian Consulate property in Shanghai.

''The agreement will bring to a close an issue which has remained outstanding for over 40 years now,'' officials said.

Another Agreement of Cooperation on Inspection of Iron Ore between Export Inspection Council (EIC) and the General Administration of Quality Supervision, Inspection and Quarantine (AQSIQ), was signed by Mr Kamal Nath, and Mr. Li Changjiang, Administrator, AQSIQ.

The Agreement establishes a mechanism to inspect trade in iron ore between China and India. The EIC and AQSIQ shall respectively recognise and designate inspection agencies in India and China. This Agreement is expected to give a further boost to bilateral trade in iron ore-the single largest export item from India to China.

The Protocol between the Ministry of Agriculture and the AQSIQ on Phytosanitary Requirements for Exporting Rice from India to China was signed by Agriculture Minister Sharad Pawar and Mr Li Changjiang.

This Protocol, which provides, the phytosanitary requirements regarding the entry into China of Basmati rice produced in India, will facilitate the export of Indian rice to China. Accordingly, Basmati rice that is exported to China shall comply with the Chinese plant quarantine laws and regulations and also adhere to the relevant measures under the WTO.

An MOU between the ICAR and the Chinese Academy of Agricultural Sciences (CAAS) for Cooperation in Agricultural Research was signed by Dr. Mangala Rai, Secretary, Department of Agricultural Research and Education and Director General, ICAR, and Mr. Sun Yuxi, Chinese Ambassador to India. Under this MOU, the ICAR and CAAS agree to promote cooperation in the exchange of scientific peronnel, germplasm and breeding material; scientific literature, information and methodology equipment, etc.

The signing of this MOU will facilitate cooperation in areas that are crucial to the well-being of a large part of their respective populations.

An Exchange Programme between the HRD Ministry and the Ministry of Education of China on Cooperation in the Field of Education was signed by R. P. Agarwal, Secretary HRD Ministry and Mr. Cui Tiankai, Assistant Minister of Foreign Affairs of China.

Through this Agreement the HRD Ministry and the Ministry of Education of China seek to encourage the development of contacts and cooperation between the educational institutions of the two countries.

An MOU between Forward Markets Commission, India and China Security Regulatory Commission Regarding Commodity Futures Regulatory Cooperation was signed by Mr S. Sundareshan, Chairman, Forward Markets Commission and Mr. Sun Yuxi.

The purpose of this MOU is to promote investor protection and integrity of the commodity futures markets by providing a framework for cooperation, including channels of communication, increasing mutual understanding and exchange of regulatory and technical information.


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