Visiting President Hu Jintao made a five-point proposal in
Mumbai Thursday for promoting Sino-Indian economic and trade
cooperation at the India-China Economic, Trade and Investment
Cooperation Summit and CEO Forum.
The first is to expand and upgrade bilateral trade.
The two countries have set a new goal for bilateral trade to
reach US$40 billion in the year 2010. To achieve this goal, Hu said
both sides should work to improve the trade structure, increase the
technology content in commodities and add value to them, increase
the share of new and high-tech products and electron mechanical
products in bilateral trade, expand the scale of trade and upgrade
the level of cooperation.
The second is to strengthen cooperation in key areas.
Hu said the respective strength of China and India in
information technology, energy resources, infrastructure, science
and technology and agriculture is mutually complementary and offers
great potential for cooperation. The two sides should explore
business opportunities in these fields and nurture new growth
stimulus to boost business ties.
The Chinese government will continue to encourage competent
Chinese companies to invest and do business in India, and Indian
companies are welcome to explore business opportunities in China,
said Hu.
The third is to improve environment of trade and investment.
He said the Chinese and Indian governments should, acting in the
overall interests of the two countries, strengthen consultation and
dialogue and properly resolve problems in business and trade.
He said both sides should take measures to remove obstacles to
trade and investment, promote trade and investment facilitation and
create an enabling business environment. The two governments should
create better conditions for bilateral economic and technological
cooperation and ensure a fair and favorable trading environment for
business communities of the two sides.
The fourth is to strengthen cooperation in multilateral fields
and with third countries.
He said China and India should strengthen coordination in the
World Trade Organization and other multilateral economic
organizations to jointly uphold the legitimate rights and interests
of developing countries.
The two countries should encourage Chinese and Indian companies
to enter into energy cooperation in third countries, and they may
conduct joint project contracting in third countries by drawing on
mutual strength, noted Hu.
The fifth is to actively explore trade liberalization.
He said to establish a China-India free trade area will lift the
bilateral business relations to a higher level and promote regional
economic integration in Asia.
China and India have started joint feasibility study on regional
trade arrangement and agreed to conclude the study by October 2007,
said Hu, hoping this will lay a good foundation for launching
negotiation on regional trade arrangement.
China-India two-way trade, growing at an average annual rate of
32 percent, rose to US$18.7 billion in 2005 from US$1.16 billion in
1995, a jump of 15 times in ten years. The bilateral trade volume
this year is expected to exceed US$20 billion.?
China is now India's second largest trading partner and India is
China's largest trading partner in South Asia. Besides, India is
also one of China's most important project contracting
markets.???
Bilateral mutual investment is growing, and it covers new
industries such as telecommunications, software and pharmacy, which
serve as an example for investment in other sectors.
Hu said China-India business cooperation, which is mutually
beneficial in nature, has brought much benefit to both countries,
and solidified the foundation of the relations.
He said China takes India as a friend and partner and sincerely
wishes India greater progress in development.
The development of the two countries cherishes good
opportunities to deepen bilateral all-round cooperation and achieve
win-win progress, said Hu, adding that both sides should seize the
opportunity to advance bilateral economic cooperation and trade in
depth and width.
He said he hoped that business communities of the two countries
will be future- oriented and work together to boost the bilateral
business ties and contribute to both national development of the
two countries and the rejuvenation of Asia.
More than 400 government officials and business people from both
sides attended this summit meeting.
Hu started the four-day state visit to India Monday, which is
the first visit to India by Chinese head of state in 10 years.
India is the third leg of Hu's four-nation tour, which has
already taken him to Vietnam and Laos, and will also take him to
Pakistan.
He attended the 14th APEC (Asia-Pacific Economic Cooperation)
Economic Leaders' Meeting from November 17 to 19 in Hanoi, capital
of Vietnam.
(Xinhua News Agency November 23, 2006)
