India and China Trade Target

ECONOMY/BILATERAL TRADE

India - China set trade target of  $100 billion by 2015

Nov 19, 2012

Trade imbalance between India and China figured prominently in the talks between the Prime Minister Dr.Manmohan Singh and his Chinese premier Wen Jiabao this morning. Currently it is heavily in favour of China. The Trade deficit between the two economies has ballooned to 23 billion US Dollars in China’s favour in October this year. India and China have set a target of taking their total trade to 100 billion dollars by 2015. The meeting between the two leaders lasted for 45 minutes. Briefing reporters after the meeting the foreign secretary Ranjan Mathai said, talks were fruitful and the all the issues taken up were discussed in detail. He said the issue of investment and access of Indian goods including pharma and IT was taken up by Dr.Manmohan Singh in the talks. He said that the two countries will continue the dialogue to resolve the boundary question. The special representatives of the two countries are expected to meet soon to hold 16th round of talks. Ahead of the meeting strategic economic dialogue will be held

later this month. Mr. Mathai disclosed that Chinese premier also said despite talks continuing on the border, peace has been maintained after the guiding principles were finalized. Wen expressed hope that the new leadership in Beijing will give great importance to relations with India. Wen said that he had developed a good equation with Dr. Singh and met him14 times in the last eight years. This he said that this resulted in high level exchanges and cooperation in many important areas. He said while code of conduct for South China sea did not figure in the talks but India favours such a code to make an area of cooperation.

Prime Minister Dr. Manmohan Singh said that the ambit of dialogue has widned and new areas have come into its ambit. Endorsing Chinese Premier’s views Dr. Manmohan Singh sought Chinese investment in infrastructure to balance the trade . Dr.Singh held separate meetings with the President of Philippines and Prime minister of Singapore late last evening. Secretary east Sanjay Singh said the issue of terrorism and menace of piracy apart from intensifying economic engagement with the ASEAN and concluding comprehensive economic partnership agreement hogged the lime light.