India-China trade set to touch US$10bln in 2004

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Last updated at: (Beijing Time) Thursday, February 19, 2004

India-China trade set to touch US$10bln in 2004

Bilateral trade volume between China and India is expected to reach US$10 billion by the end of this year, compared with last year's US$7.6 billion.

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Bilateral trade volume between China and India is expected to reach US$10 billion by the end of this year, compared with last year's US$7.6 billion.

That forecast was pronounced on February 18 by a number of prominent figures from China and India during the ongoing meeting of Sino-Indian Eminent Persons' Group (EPG), which serves as an advisory agency for the two governments on boosting Sino-Indian exchanges and co-operation.

"We feel that the frequent trips and meetings between various Indian and Chinese peoples are of great importance to fostering closer understanding and economic co-operation," Liu Shuqing, the co-chairman of Sino-Indian EPG said on February 18.

"The bilateral economic prospects for China and India, the world's two largest developing countries, will surely embrace a rosier future," he said.

Liu, who heads 10 Chinese representatives from commercial, scientific, cultural, educational and diplomatic circles at the meeting, said the Chinese group would propose dozens of "specific suggestions" covering a range of topics from bilateral economic ties, cultural exchanges to border talks during the two-day meeting.

Zhou Gang, secretary-general of EPG, said on February 18 the two nations have decided to set up a compact Joint Study Group (JSG) composed of officials and economists to examine potential commonalitiesand to draw up a programme for the development of China-India trade and economic co-operation over the next five years.

The news was confirmed by Chinese Ministry of Commerce on February 18. An anonymous official with the ministry told China Daily that both sides were "actively making preparatory works" for the first meeting of the JSP but declined to give more details.

The Asian Affairs Department of the ministry suggested Chinese enterprises should adopt a long-term strategy by establishing solid contacts with commercial chambers in the Indian market and participating various exhibitions to promote their products.

"Indeed, the current economic and trade ties between the two have not yet lived up to the expected level of bilateral co-operation," Liu said.

R. L. Bhatia, the co-chairman of EPG who headed a nine-member delegation, said the two countries should be committed to co-operation in various fields and resolve disputes peacefully.

"A new round of talks on border issues is expected to be held in New Delhi and we hope both nations can seek a fair and mutually accommodating resolutions to their disputes," the former Indian minister of external affairs said.

Two rounds of high-level talks to resolve the festering border dispute between the nations have been held in the past four months.

Both sides are trying to reach a settlement on their 3,500 kilometre border, completing a process begun during Prime Minister Atal Behari Vajpayee's visit to China last June.

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