labels: trade
India, China seek synergy in commodity sectornews
23 November 2006

Mumbai: India and China have agreed to double bilateral trade to $40 billion by 2010 and encourage investment flows between the two countries.

The two countries also agreed to make joint efforts to diversify their trade basket, remove existing impediments, and utilise the present and potential complementarities to sustain and strengthen bilateral commercial and economic cooperation. Besides, a joint task force has been set up to study of the feasibility and benefits of India-China Regional Trading Arrangement and submit report by October 2007.

The two countries also signed a memorandum of understanding (MoU) for promoting synergies between their commodity market regulators. India''s commodity market regulator Forward Markets Commission singed the MoU with China Securities Regulatory Commission, bringing the commodity sector under the scope of their bilateral economic relations.

The MoU was signed by FMC chairman S Sundareshan and Sun Yuxi, Chinese ambassador to India, on behalf of CSRC, in the presence of president Hu Jintao and prime minister Manmohan Singh.

Under the agreement, the two bodies would exchange information on investor disclosure norms, enforcement laws, operation of brokers, monitoring, clearing and settlement of disputes. They would also share information regarding market manipulation, and other deceptive and fraudulent practices concerning trading of commodity futures contract. They would encourage collaboration between their enterprises, including through joint exploration and development of hydrocarbon resources in third countries.

A joint declaration signed by the two leaders said the two sides would step up the exchange of experience in agriculture and rural development, including food security, and hold discussions on the standards for agricultural goods to facilitate trade in such goods.

 

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India, China seek synergy in commodity sector