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INDIA-CHINA TRADE LIKELY TO SURPASS US$ 20 BILLION BEFORE FY 2008
Date : 23 Aug 2006
Location : New Delhi
INDIA-CHINA TRADE LIKELY TO SURPASS US$ 20 BILLION BEFORE FY 2008
New Delhi: August 23, 2006
Bhadrapada 01, 1928
As per DGCI&S statistics, the India-China trade during the year 2005-06, was US$ 17.4 billion. The trade is growing at a rate of 37.34%. As such, China-India trade is likely to surpass US$ 20 billion before the financial year 2008.
With a view to identify measures for comprehensive trade and economic cooperation between India and China, a Joint Study Group (JSG) was set up to examine the potential complementarities between the two countries. The Confederation of Indian Industry (CII) & the Federation of Indian Chambers of Commerce and Industry (FICCI) represented the industry in the JSG. The JSG submitted its report in April 2005. The JSG has recommended the following :
Evolving a China-India Regional Trading Arrangement comprising :
a. Trade in goods and services, and investments;
b. Identified understandings for trade and investment promotion; and
c. Measures for promotion of economic cooperation in identified sectors.
The JSG has also recommended that the two Governments appoint a Joint Task Force to study in detail the feasibility of, and the benefits that may derive from, the China-India Regional Trading Arrangement.
In pursuance to the recommendations of the JSG, a Joint Task Force has been constituted. The First meeting of India-China Joint Task Force was held on 13.3.06. The Second meeting is likely to be held in September 2006. A representative each of the CII and FICCI has also been included in the Joint Task Force.
This information was provided by the Minister of State for Commerce & Industry, Shri Jairam Ramesh, in a written reply in the Rajya Sabha today.
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