New Delhi, Mar 16: Joint Task Force (JTF), which was set up to study in detail the feasibility of India-China Regional Trade Agreement (RTA), has said in its report that the RTA will promote economic growth, enhace welfare gains and bolster bilateral trade through efficient allocation of resources.
According to the JTF report, which was finalised in its last meeting held in October last year, the India-China RTA would be mutually advantageous and the bilateral trade liberalisation will bring welfare gains of one billion dollars to India and 1.5 billion dollars to China. The report also indicates that the two countries enjoy strong complementarities in their trade in services, a statement said here today.
In sectors like textile and chemicals, China and India share similar industrial structure, and there is scope for enhancing intra-industry trade.
In pursuance of the recommendation of Joint Study Group (JSG), the JTF was set up.