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India, China eye $10 billion trade in 2-3 years

July 16, 2003 14:41 IST

India and China are aiming to achieve about $10 billion trade within the next two to three years.

Based on the buoyant trend in bilateral trade, the figure was indicated at a meeting between Commerce and Industry Minister Arun Jaitley and his Chinese counterpart during the recent visit of Prime Minister Atal Bihari Vajpayee to China, an official release said in New Delhi on Wednesday.

According to the latest available provisional data relating to India-China, the total trade for the 11 months (April-February), 2002-03 was $4.2 billion as against $2.6 billion in the corresponding period in 2001-02.

India's exports to China during 2002-03 (April-February) at $1.6 billion indicated a growth of nearly 100 per cent over the level of $846.3 million during April-February, 2001-02.

Besides issues of mutual interest in the field of external trade, the specific issues discussed with the Chinese side also included holding of the next meeting of Joint Economic Group, the need for adopting a comprehensive approach in prescribing phyto-sanitary standards for the remaining 16 fresh vegetables and fruits.

Indian mangoes have already been given phyto-sanitary clearance by the Chinese authorities.

Indian side also pressed on the need to explore the possibility for China to import tobacco and other agri-products from New Delhi.

Views on issues of common interest to India and China in the World Trade Organisation relating to negotiations on WTO Agreement on Agriculture and Agreement on TRIPS were also exchanged with both sides agreeing to cooperate on several issues.

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