India and China to achieve bilateral trade of US$ 100 billion by 2015: Sharma

Posted By: Religare
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India and China to achieve bilateral trade
Following the exponential growth in bilateral trade between India and China, the Union Minister for Commerce, Industry and Textiles Anand Sharma is confident about achieving trade target of US$ 100 billion by 2015.

“As per the trade statistics of DGCI&S the total trade volume has gone up from US $ 2.3 billion in 2000-01 to US $ 59.62 billion in 2010-11 (April-March)," said the government statement issued on November 3, 2011.

Meanwhile, the minister also highlighted the increased in Trade deficit from US $ 9.1 billion in 2006-07 to US $ 20.8 billion in 2010-11. A balanced trade is needed for long term, sustainable and harmonious development of economic cooperation between the two countries, he added.

Further in order to achieve the targeted target, it is very important for both the country to work aggressively towards removing administrative bottlenecks and overly restrictive regulatory measures, in order to boost development of all round cooperation in this area.

“The area of drugs and pharmaceuticals is an important segment of our efforts to diversify our bilateral trade basket," said Sharma during his meeting Governor of Xinjiang province of China Nur Baki.

The Indian Minister also highlighted renewable energy where Chinese Government has fixed a target of 100 GW by 2020, as another area with great potential for export from Indian side.

Besides, both the Minister also witnessed the signing of MoU between Government of Gujarat and TBEA (India) Private Limited. TBEA Energy (India) Private Limited is proposing a FDI investment of Indian Rs 500 crore during first phase of a three phase of a three phase 'TBEA Green Energy Park' Project with a projected total investment of Rs 2500 Crores.

Read more about: government, trade, deficit, china
Story first published: Friday, November 4, 2011, 13:30 [IST]
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