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Our Bureau

Both nations have major role to play in Asian region

Kolkata , Sept. 9

Relations between India and China are set to improve on the basis of trade ties, Mr Pranab Mukherjee, Defence Minister, said here on Saturday.

Trade between the two countries, which increased over 30 per cent last year, is expected to go up in terms of scope and diversity, reaching to about $20 billion, up from about $18 billion at the moment. China, which is already one of India's more prominent trade partners, will continue to play a vital role on the trade front in addition to contributing significantly to India's initiatives on maintaining stability in the region.

Investors' destinations

Both nations are equipped with compelling advantages, the Defence Minister said, adding that both have turned into important destinations for investors. He was addressing a seminar organised by the Observer Research Foundation and Calcutta University's Centre for Peace Studies.

India has won the respect of the international community, thanks to its values and strong manpower base. It is time for the country to build on this foundation and develop its markets further, he felt. "Both countries have major roles to play in the Asian region. We have been addressing important issues together and this should continue to happen in the days ahead," Mr Mukherjee stated, adding that India has already welcomed China as a Saarc observer.

Settlement of issues

The Defence Minister also referred to the Prime Minister's recent interaction with Chinese leaders, including those on multi-lateral fora. Both sides now share the conviction that early settlement of pending issues must be pursued as a strategic objective. Confidence building measures will go a long way in eroding the memories of the 1962 conflict, he added specifically.

The recent opening of the Nathu La trade route has been a step in the right direction, part of the strategies that are being lately followed by both countries. The increasing presence of Indian companies - including a few from the energy sector - in China will create greater business opportunities, it is felt.

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