China and India will complete a joint study on a potential
regional trade pact, which could play a key role in
Asian economic integration, by October.
agencies and research institutions from the two sides,
headed by the commerce ministry and the Indian department
of commerce, have conducted a feasibility study on the
regional trade arrangement," China''s vice minister
of commerce Yi Xiaozhun said.
said the study would play a key role in the economic
integration of Asia if it leads to a regional trade
pact linking China and India. The move also comes amid
an impressive 57 per cent growth in bilateral trade.
expect to complete the study by October," the China
Daily quoted him as saying. The study was kicked
off in New Delhi in March 2006. So far, three rounds
of working panels have been held studying issues concerning
trade in goods, trade in services and investment.
2005, the two Asian giants pledged to bring bilateral
trade volume to $20 billion by 2008. That target was
achieved ahead of schedule and the two governments have
now set a new target of achieving $40 billion in bilateral
trade by 2010.
we increase our bilateral trade at this speed (57 per
cent), I think we can reach $40 billion by 2009, an
year earlier than targeted," vice chairman of the
China Council for Promotion of International Trade (CCPIT),
Wang Jinzhen Wang said at a recent India-China business
to the Chinese ministry of commerce, India was China''s
10th-largest trade partner in 2006, while Indian statistics
showed China was India''s second-largest trade partner
after the United States.
investment in India totalled $17 million by the end
of last year, mainly in the sectors of electronics,
communications and light industry.
the Doha round of world trade talks still in a limbo,
China is also seeking increased regional economic cooperation
with other countries of the region, the Chinese vice
ministry statistics said trade between China and India
hit $24.9 billion last year, exceeding the $20 billion
goal two years ahead of target.
the first quarter (Jan-Mar) of this year, India-China
bilateral trade touched $8.22 billion, up 56.97 per
cent over the same period
last year, latest Chinese customs figures showed.
exports to China during January-March were worth $3.56
billion, up 43.61 per cent over the same period last