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China-India to realize 60 bln USD trade target in 2010
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14:59, June 16, 2009

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On Monday night, Chinese President Hu Jintao met with Indian Prime Minister Manmohan Singh ahead of the Shanghai Cooperation Organization (SCO) summit.

In his meeting with India Prime Minister, Chinese President Hu Jinao emphasized that China and India should deepen bilateral economic and trade cooperation of mutual benefit.

The two sides should continue to tap potentials, encourage two-way investments, expand cooperation in contracted projects, and strive to realize the target of 60 billion U.S. dollars in bilateral trade in the year 2010, he said.

According to statistics of the Chinese side, the Sino-Indian trade grew by 43 percent annually per year over the past eight years and reached 51.8 billion USD in 2008. India is China's 10th largest trading partner.

However, the bilateral trade dropped notably this year due to the financial crisis. Figure from the Chinese customs shows that the Sino-Indian trade slumped nearly 32 percent year-on-year over from January to May.

With the efforts of both sides, Hu said, the Sino-Indian strategic and cooperative partnership will see sound development and the growth of bilateral relations will bring benefits to the two peoples.

India will give top priority to its relations with China and is committed to advancing bilateral cooperation in various fields on the basis of progress made in the past, said India Prime Minister Manmohan Singh.

Singh described economic cooperation as an important "pillar”of the overall bilateral relationship and said enhanced economic ties could give an impetus to the development of bilateral ties.

He also said that India and China share common interests on such issues as global trade and investment, climate change and the reform of the international financial order and should strengthen consultation and cooperation in addressing these issues.

By People's Daily Online

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