INDIA, CHINA SHOULD SUPPORT EACH OTHER IN WTO, SAYS CHINESE MINISTER OF
JAITLEY DISCUSSES COOPERATION IN WTO WITH CHINESE MINISTER
Date : 25 Jun 2003
Location : New Delhi
The Chinese Minister of Commerce, Mr. Lu Fuyuan, has said that India and China share many common interests in the new (Doha) Round of talks of the World Trade Organisation (WTO) and the two should support each other in the WTO and work for the interests of developing countries. According to the Xinhua Chinese News Agency, Mr. Lu said this during a meeting with the Indian Commerce & Industry Minister, Shri Arun Jaitley, who suggested that the two sides should exchange views frequently and make joint efforts to safeguard interests of the developing countries. "The Indian minister said India and China, as two important developing members of the World Trade Organisation, shared many similarities and could cooperate well on many issues", Xinhua says.
India and China should work together to double their bilateral trade volume to 10 billion US dollars by 2005, Mr. Lu further said at his meeting in Beijing today with Shri Jaitley. As the two most populous and largest developing countries, Mr. Lu said, China and India have great potential to expand their trade and economic cooperation.
India and India signed a number of agreements of cooperation this week as the Prime Minister, Shri Atal Bihari Vajpayee was visiting China.
"Those documents will greatly push forward bilateral trade and economic cooperation between our countries," Lu said. "We should, in accordance with the consensus reached between Indian prime minister and Chinese premier, make plans on the development of trade and economic cooperation", the Xinhua report says.
Mr. Lu said any proposal from India would have the active support of China so long as it was conducive to the expansion of trade and economic cooperation. Two-way trade between China and India reached 4.95 billion US dollars last year, up 37.6 percent from a year ago. From January to May this year, bilateral trade grew 70 percent to 2.9 billion US dollars. Shri Jaitley proposed the joint economic group between India and China should hold meetings as soon as possible to explore ways of boosting trade and cooperation, according to the Xinhua report.