Global recession brings India and China closer

Mumbai, Nov 26 (UNI) With the world continuing to be in the throes of a recession, the two Asian giants, India and China are coming closer than ever before and are likely to become the most important trading partners for each other before 2015, organisers of the China Products Trade Exhibition to be held here from December 10, said today.

China's trade with India is growing at a faster rate than with any other major trading partner. More than five billion US Dollars worth of contracts are signed by Chinese companies for implementation of infrastructure projects in India, in the first three quarters of 2007, they said, adding this was also the highest value for contracts, signed by China with any other country in this time period.

For India, China is a bigger trade partner than Japan, the US, or the entire world and for China, India is already one of its top trading partners, only after Japan and USA. China's trade with India is growing much faster than with any other country.

The value of Sino-Indian bilateral trade in the first half of calendar year 2008 hit the 29 USD billion mark, recording a 69 per cent jump over the corresponding period last year. They are on course to raise bilateral trade to 60 billion USD by 2010, which was the target set by the Prime Ministers of both the countries in 2005.

Bilateral trade in calendar year 2007 stood at 38.65 USD billion, registering an increase of 56 per cent over the previous year.

Over one hundred companies from China are to participate in the three-day trade exhibition, organised by the China Council for the Promotion of International Trade alongwith Worldex India Exhibition&Promotion Pvt Ltd. An extensive range of products varying from industrial to consumer goods from various provinces of China would be displayed.

The exhibition will serve as a platform for the Indian Industry to explore long term business associations with the Chinese companies in the form of tie ups, joint ventures, collaborations and import-export trading relations.

The event, which saw 40,000 visitors from across the country last year, shall facilitate striking of deals, joint ventures and signing of major contracts between Indian and Chinese businessmen.

Last year's exhibition resulted in business deals worth about Rs 70 crore , a figure which is likely to go upto Rs 100 crore this year, the organisers said.

UNI CP AB NP2006