Dec. 16: Add-ressing India’s concern over huge trade deficit with it, Beijing on Thursday agreed to promote imports of Indian products and the two countries also set an ambitious $100 billion target for bilateral trade by 2015.
“The two sides agreed to take measures to promote greater Indian exports to China with a view to reducing India’s trade deficit,” according to a joint communique issued after talks between Prime Minister, Dr Manmohan Singh and visiting Chinese Premier, Mr Wen Jiabao.
China will take measures for supporting India’s exports by enhancing cooperation in pharmaceuticals supervision. The Chinese and Indian IT enterprises will also forge stronger relationships. Indian participation in China’s national and regional trade fairs be supported, it said.
The two countries would speed up completion of phyto- sanitary negotiations on agro products as well. For enhancing mutual investment which has stood at less than a $ one billion, the two sides also constituted an India-China CEOs’ Forum. “The forum will deliberate on the business issues and make recommendations on expansion of trade and investment cooperation,” the communique said. Officials said it would take some time before the names in the CEOs’ Forum are announced. The two sides also agreed to establish a economic dialogue to enhance macro-economic policy coordination.