India's trade with China will touch the 100-billion dollar mark in the next five years, coming close to bilateral trade target with the European Union by 2013.
The bilateral trade with China is expected to cross $50 billion in the fiscal ending March 2009, much ahead of the target.
"Three years ago we were looking at a target of $40 billion bilateral trade by 2010," Commerce Secretary G K Pillai said in New Delhi.
European Union, with which India is negotiating a free trade agreement, is presently the country's largest economic partner with 56 billion euro trade. The India-EU Summit at Marseilles (France) set the target of 100-billion euro in the next five years.
Pillai was talking to reporters on the occasion of signing a memorandum of understanding on trade remedy cooperation mechanism with China here. The MoU is meant to ensure transparency in implementation of anti-dumping measures.
A 60-member Chinese delegation, led by Vice Minister Gao Hucheng, is here for forging business contacts.
"We are expecting they will sign business worth hundreds of millions of dollar," Pillai said.
Meanwhile, the Federation of Indian Export Organisations will be setting up an 'India Pavilion' at the China Import and Export Fair scheduled from October 15-19 in Guangzhou.
A 60-member delegation of Indian businessmen would be showcasing products from handicrafts, home decor and hand tools and IT at the fair.
India needs to diversify its exports basket to bridge the trade deficit of 9.159 billion dollar in 2006-07, FIEO said.
