Sino-Indian Trade to Further Grow

The bilateral trade volume between China and India has great potential for growth given the efforts of both sides, Chinese Foreign Trade and Economic Co-operation Minister Shi Guangsheng said Monday in Beijing.

Shi made the speech at the 6th session of the Sino-Indian Technology, Economy and Trade Mixed Commission, which he co-chaired with Indian Commerce and Industry Minister Murasoli Maran.

"As two big developing countries with complementary economies, China and India are in a good position to further develop bilateral trade and economic co-operation on the basis of mutual benefit," Shi said.

He proposed that China and India establish smooth information exchange channels between businesses, develop bilateral trade, labour contracting and mutual investment.

He said both governments should create a favourable policy environment to promote border trade between the two neighbouring countries.

Statistics from the General Administration of Customs revealed that two-way trade between China and India stood at US$2 billion in 1999.

"The current trade volume between China and India could be much higher," said Shi.

According to the Ministry of Foreign Trade and Economic Co-operation, India's major exports to China are marine products, which include shrimp, fish, and crab, and cotton yarn, while China's exports mainly include electronic products, coal and organic chemicals.

Maran said India hopes China will join the World Trade Organization (WTO) as early as possible.

"China's WTO entry will not only strengthen the world trade system, but also promote the development of world trade," he said.

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