The Hindu Business Line : India-China Business Alliance formed

Larger integration
Trade between India and China is expected grow at 40 per cent per annum.
The Ambassador identified eight areas of cooperation

BUSINESS TIES: (from left) Mr D.S. Rawat, Secretary-General, Assocham, Mr Sun Yuxi, Ambassador of China, Mr D.K. Ghosh, Chairman, India-China Business Alliance, and Mr Miao Helin, leader of Nanjing delegation, at the launch of `India-China Business Alliance', in the Capital on Tuesday. — Kamal Narang

New Delhi March 13 The Ambassador of China to India, Mr Sun Yuxi, on Tuesday said that the forthcoming visit of the Prime Minister, Dr Manmohan Singh, to China later this year would pave the way for India becoming the largest trade and economic partner of China within a decade.

Trade between India and China is expected grow at 40 per cent per annum.

Launching the India-China Business Alliance (ICBA) under the initiatives of the Associated Chambers of Commerce and Industry of India (Assocham), Mr Yuxi said that in order to find synergies between business in China and India, the Chinese Embassy would be issuing `Express Visas' to Indian businessmen who are recommended by the ICBA. The visas would be issued to Indian businessmen intending to set up their manufacturing and export-oriented units in China in cooperation with Chinese businessmen.

"The India-China Business Alliance is one initiative that would also result in removing the existing artificial trade barriers," said Mr Yuxi.

Areas of cooperation

The Ambassador identified eight areas of cooperation, which include telecom, electronics, agri-business, iron and steel, chemicals, cotton, silk and services. Two-way trade between the countries would exceed over $50 billion from the current level of $20 billion over the next decade.

In the last couple of years, the visits of Head of States and Heads of Governments have been taking place between India and China, which only goes to prove that the opening up of global economy has pushed larger integration between economies of India and China, said Mr Yuxi.

Mr P.K. Sandell, Chairman, Assocham Electronics Committee, said that the business synergies would be utilised to exploit the market in the economies of scale with close joint collaboration between India and China.

Mr Miao Helin, Leader of Chinese Business Delegation, sought that just as Chinese Embassy agreed for Express Visa to visiting Indian businessmen, the process for issuance of Express Visas to Chinese businessmen should be expedite by the Indian authorities without any further delay.