New Delhi, Jan. 6
LEGAL reforms in China are in the offing to facilitate Indian legal firms to set up shop in China and to help Indian companies establish their manufacturing base without any legal hindrance, according to Mr Jin Shan, Vice-President, All China Lawyers Association (ACLA).
Participating in a session on `Business opportunities in China - legal perspectives' organised by the Associated Chambers of Commerce and Industry and the Bar Association of India (BAI), Mr Jin said that ACLA and BAI had already reached an understanding to work out modalities to enable Indian and Chinese legal firms to set up offices in each other's country.
He said that China was ushering major legal reforms in the areas of intellectual property rights, trade marks, investment protection, customs and excise to ensure that international capital shift towards China without any legal hassles. China wished to enhance its two-way trade with India to $50 billion which necessitates a sound legal system to be put in place, said Mr Jin.
As of today, the two-way trade between India and China is restricted at the level of $14 billion, which is projected to grow to $20 billion by 2008.
The President of BAI, Mr Fali S. Nariman, said that the convergence of legal luminaries of the two countries was essential so that companies of one country can do business with complete legal understanding of the other country.