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Foreign Trade
‘India-China trade likely to cross $40 b in 2008’
Our Bureau
New Delhi, Nov 6 Bilateral trade between India and China is expected to cross the $40-billion mark in 2008, two years ahead of the targeted year of 2010, according to the Chinese Ambassador to India, Mr Sun Yuxi.
Last year, the leaderships of both the countries had, on the occasion of the visit of the Chinese President, Mr Hu Jintao, decided to double bilateral trade from $20 billion to $40 billion by 2010.
“The ground level activity that is happening now has raised the outlook and I expect that the $40-billion level of bilateral trade would be reached by end-2008, two years ahead of schedule,” Mr Sun told reporters on the sidelines of a FIEO meeting with visiting delegation from Guangzhou.
He highlighted that bilateral trade up to October 31 this calendar year had touched $27 billion. Mr Sun also said that he expects the bilateral trade to cross $50 billion level in 2010.
Bilateral trade between China and India has seen a quantum leap in the recent years from $4.8 billion in fiscal 2002-03 to about $25 billion in fiscal 2006-07.
Trade pact
Mr Sun also told newspersons that both countries are working towards a regional trading agreement (RTA). Although he maintained that there was no timeline by when the agreement would be signed, indications are that this may happen in early 2008.
The FIEO Northern Region Chairman, Dr R.K. Dhawan, said that the visiting Chinese delegation had pointed out that more business visas need to be made available for Chinese businessmen to visit India.
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