Indo-China set bilateral trade target of USD 100 bn

India and China on Thursday set a bilateral trade target of USD 100 billion by 2015.

Chinese Premier Wen Jiabao and Indian Prime Minister Manmohan Singh held talks on bilateral relations and regional and international issues of mutual interest here on Thursday.

?While expressing satisfaction at the growing quantum of bilateral trade and investment ties, the two sides agreed to further broad base and balance trade and economic cooperation, and identify new opportunities to realize the vast potential for future growth,? said a joint communiqu? issued by Singh and Jiabao.

?Towards this objective, the two sides set a new bilateral trade target of USD 100 billion by 2015.?

According to the joint statement, the two sides agreed to take measures to promote greater Indian exports to China with a view to reduce India’s trade deficit.

This includes support for Indian participation in China’s national and regional trade fairs, advancing of trade facilitation, enhancing exchange and cooperation of pharmaceutical supervision, stronger relationships between Chinese enterprises and Indian IT industry and speedier completion of phyto-sanitary negotiations on agro products.

India and China ?positively viewed? the growing opportunities in the economic relationship and agreed to establish a Strategic Economic Dialogue to enhance macro-economic policy coordination, to promote exchanges and interactions and join hands to address issues and challenges appearing in the economic development and enhance economic cooperation.

The statement said: ?The two sides agreed to expand cooperation in infrastructure, environmental protection, information technology, tele-communications, investment and finance on a priority basis to draw on each other’s strengths and pursue mutual benefit and win-win results.?

?India welcomed Chinese enterprises to invest and participate in India’s infrastructure development such as in roads, railways and in the manufacturing sector.?

The two sides agreed to encourage greater mutual investment and project contracting cooperation between businesses of the two countries, appropriately handle economic and trade frictions and differences and jointly oppose protectionism in all forms.

They constituted an India-China CEO’s Forum to deliberate on business issues and make recommendations on expansion of trade and investment cooperation.

The two sides concluded a Memorandum of Understanding between the Reserve Bank of India and China Banking Regulatory Commission to increase banking and financial cooperation.

?India and China also agreed to grant permission to the banks of the other country to open branches and representative offices. Modalities will be worked out by the concerned authorities,? said the statement.

Jiabao is on a state visit to India from December 15-17 at the invitation of Singh.