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Indo-China trade is moving swiftly toward the historic US$10 billion mark, with trade registering robust growth on the fronts of exports to China and imports from China, Indian Minister of State for Commerce and Industry E.V.K.S. Elangovan said while inaugurating the India-China Business Conclave in New Delhi Tuesday.
The Indo-China border trade has also picked up, and the growth in trade is indicative of the strengths of the two countries for achieving new heights, he added.
The Business Conclave is being organized by the Confederation of Indian Industry in association with the Department of Commerce of India and the China Council for the Promotion of International Trade.
Elangovan, while indicating the growing symmetry between the two countries, said that China has become India's number one trading partner in the North East Asian Region, overtaking Japan.
"Another important feature of India's trade with NEA (North East Asian) countries is that the highest imports are from China," he added.
The minister said that while considerable improvements have been made in bilateral trade, yet there exists great scope for touching new heights and concluded that the Indian government was committed to build long-term and sustainable economic relationship with China.
Leader of the Chinese delegation Shao Qiwei, who is also vice governor of Yunan Province, said that the Chinese government attaches great importance to developing trade and economic cooperation with India.
Shao said that prior to the 1990s, major exports from China to India were manufactured products and semi-finished products while major exports from India were primary and semi-finished products.
However, since the mid 1990s, significant changes have taken place in the trading structure between the two countries with the growth rate of the trade volume of manufactured products surpassing that of the growth rate of primary products.
"Such change in bilateral trading structure is conducive to a balanced expansion of bilateral trade," he said.
Also speaking on the occasion, Chinese Ambassador to India Hua Junduo said that bilateral trade was witnessing a healthy growth.
However, he said that in order to reach greater heights, the decision on investment protection agreement was yet to be reached.
He said that with sustained efforts from both sides, bilateral trade could reach greater heights.
The Chinese delegation comprises 100 members and is also scheduled to visit Kolkata on Aug. 6 for increasing trade links.
(Xinhua News Agency August 4, 2004)
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