New Delhi, Feb. 3: India and China — two of the largest economies in Asia — are looking to double two-way trade to $ 10 billion by 2005.
India has been assiduously courting China ever since the dragon nation became a member of the World Trade Organisation (WTO) a little over a year ago.
The latest instance is the 15th International Engineering and Technology Fair (IETF) and The India Infrastructure Show (TIIS) organised by the Confederation of Indian Industry (CII) where China will be the partner nation.
Sino-India bilateral trade amounted to approximately $ 4.95 billion during January-December last year. This, however, is an increase of 37.5 per cent over the same period in year 2001.
While Chinese exports increased by 40.8 per cent, Indian exports to China rose by 33.7 per cent. With China as partner country for the IETF, the Sino-Indian trade is expected to rise by 50 per cent over the next year.
This bi-annual fair — scheduled to take place between February 5 to 8 — will be the second time within the past four months that the Chinese industry will get the opportunity to showcase their products. Last November, China was the partner nation at the India International Trade Fair.
“We have suggested a six-point agenda to enhance Sino-Indian trade that includes a ‘made in India’ show in Beijing in October this year and India-China hi-tech show focusing on information and communication technology, biotechnology and pharmaceuticals,” said CII president Ashok Soota.